Track market-moving stories before they get noisy

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

© Courtesy of QuantumScape

Shares of QuantumScape (NYSE:QS | QS Price Prediction) are up 7% in early Wednesday trading, pushing the stock to around $9 from a prior close of $8.42. The pop extends a sharp recovery for the solid-state battery developer, which has now rallied 32% over the past month.

The move follows fresh investor enthusiasm around the company’s Eagle Line pilot production facility and the early ramp of customer billings, two milestones that mark the most concrete step yet in QuantumScape’s transition from research to commercial manufacturing. QS stock is also up 97% over the past year, though it remains down 19% year to date.

For a name that has long traded on promise rather than production, this counts as a meaningful inflection. The market is responding to tangible operational evidence.

Eagle Line and First Customer Billings Drive the Move QuantumScape completed its Eagle Line pilot production facility, a higher-volume pilot designed to match the throughput of its Cobra separator process. The Eagle Line was inaugurated on February 4 and is intended to bridge lab-scale demonstrations and full commercial manufacturing.

The second catalyst is the initiation of customer billings. QuantumScape booked $19.5 million in first-ever customer billings for full-year 2025, a new operating KPI that, even at modest scale, signals customers are paying for the technology. The launch customer remains Volkswagen Group’s PowerCo, which received Cobra-process QSE-5 cells.

QuantumScape’s Q4 2025 financials reinforced the operational progress for QS stock. The company’s net loss narrowed to $100.11 million from $114.66 million a year earlier, while R&D fell to $86.77 million. Meanwhile, QuantumScape’s liquidity stood at $970.8 million at year end.

Why Solid-State and Market Diversification Matter Solid-state batteries offer higher energy density, faster charging, improved safety, and longer cycle life than conventional lithium-ion cells. QuantumScape is now positioning that platform beyond electric vehicles, with management targeting AI data centers and defense as new addressable markets where weight, density, and reliability command a premium.

The broader engagement pipeline supports that ambition. The company added two major global automotive OEMs via new joint development and tech evaluation agreements in Q4 2025, alongside ceramics partnerships with Murata Manufacturing and Corning. QuantumScape also guided to a $250 million to $275 million adjusted EBITDA loss for 2026.

Sentiment Split and Insider Activity Crowd sentiment on QuantumScape is running hotter than the sell side. Reddit social sentiment scored 72 on a recent WallStreetBets thread, while the composite prediction-markets index sits at 60.29 with a bullish lean.

Wall Street remains cautious on QS stock. The analyst consensus target is $7.16 with 7 hold ratings and 2 sell ratings, leaving the consensus below today’s price. Insider activity, however, shows 66 recent transactions with net buying, a more constructive signal.

What to Watch Next The bull case rests on QuantumScape converting Eagle Line pilot output into repeatable, scaled production and growing those customer billings beyond the launch partner. Field testing with PowerCo is targeted to begin in 2026, making each operational update increasingly material.

The risk side is equally real, however. QuantumScape is still pre-revenue on product sales, the Eagle Line is pilot rather than commercial scale, and solid-state battery timelines have slipped across the industry for years. Prudent investors may want to size positions accordingly given the capital intensity ahead.

The next major catalyst could be QuantumScape’s Q1 2026 earnings report and any color on customer billings cadence, which management has flagged could vary quarter to quarter. Watch for whether today’s gains hold above $9 into the close.

QuantumScape Corporation is downgraded from Buy to Hold due to increased risks, despite notable operational and financial progress. Eagle Line's pilot-scale production validates manufacturability, addressing the core bear thesis and supporting the PowerCo licensing model. Q1 2026 billings of $11M signal a sharp acceleration, narrowing losses and suggesting the thesis is delayed, not broken.

QuantumScape's (QS 2.63%) battery technology aims to overcome the limitations of today's lithium-ion technology. Since its founding, the company has focused on electric vehicles (EVs), but growing demand for power solutions from hyperscaler data centers and defense technologies could open up another avenue for growth.

That said, QuantumScape stock has had a rough go of it since its 2020 initial public offering (IPO). With QuantumScape stock down 95% from its all-time high, is it finally time to buy the dip? Let's dive into the company and what's next for it.

Today's Change

(

-2.63

%) $

-0.19

Current Price

$

7.04

How QuantumScape is enhancing battery technology QuantumScape designs next-generation solid-state lithium-metal batteries. Its battery technology aims to overcome the structural limitations of traditional lithium-ion batteries by providing significantly higher energy density, faster charging (from 10% to 80% in under 15 minutes), and enhanced safety.

Since 2012, Volkswagen has been a major partner and investor in QuantumScape, supporting its research and development. In 2024, Volkswagen's battery subsidiary, PowerCo, signed a $130 million licensing agreement to produce up to 80 gigawatt-hours of batteries annually using QuantumScape's technology. It has since expanded the agreement by another $131 million.

Image source: Getty Images.

While EVs remain a primary focus, QuantumScape is also exploring high-value markets like data centers, robotics, aviation, and defense. This could help QuantumScape expand beyond the EV industry, which has experienced uneven adoption over the past few years. By commercializing in other industries, QuantumScape diversifies into other high-value alternatives that could provide a faster path to commercialization and profitability.

Moving toward large-scale production QuantumScape has made strides in recent years, moving from pure research and development toward mass production. Last year, it introduced its Cobra separator process, a specialized, next-generation heat-treatment system that bakes and manufactures ceramic sheets 25 times faster than before. Meanwhile, its Eagle Line automated pilot production line uses the Cobra separator machine and automated cell-assembly robotics to quickly build prototype cells for delivery to clients.

Earlier this year, the company added defense executive Dr. Ross Niebergall, formerly of L3Harris Technologies and RTX's Raytheon, to its board of directors, signaling a potential push to secure government and military drone contracts. Management noted that QuantumScape is "ramping up engagements in new markets" and preparing sample shipments of its QSE-5 cells for testing in artificial intelligence data centers.

Investors buying today could be getting in on the ground floor of QuantumScape's battery technology. If you believe the company can secure major defense deals and data center deals and expand its platform beyond EVs, then QuantumScape may be a stock for you.

However, it's still a long road to mass production. Analysts covering the company project revenue of $29.5 million in 2027 and around $360 million in 2028, showing the company is still a couple of years away from generating meaningful revenue. For these reasons, I think investors are better off waiting for the company to advance its technology and secure more deals before buying the stock.

HomeStock IdeasLong IdeasConsumer 

SummaryQuantumScape Corporation remains on track with its commercialization roadmap, despite recent price weakness and ongoing skepticism.QS’s cash and marketable securities provide a 25–32 month runway, supporting development through its targeted commercialization window of 2027–2029.Valuation is attractive: P/B at 3.89x versus a historical average of 4.56x, with a target price range of $7.41–$8.20.I reiterate my buy rating as technicals show improving momentum, and the current downtrend presents renewed entry opportunities. JHVEPhoto/iStock Editorial via Getty Images

Barely two months after the previous coverage, QuantumScape Corporation (QS) made some rebound attempts and justified my buy rating. But now, it appears to be going downhill again from $8 to $7. I can't blame the market

883 Followers

Analyst’s Disclosure: I/we have a beneficial long position in the shares of QS either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.

Wintrust Financial Corporation remains a soft "Buy" due to robust asset and credit quality, despite shares appearing slightly expensive. WTFC's deposits grew to $57.72 billion and loans to $52.73 billion, with minimal high-cost and office exposure, supporting balance sheet strength. Net interest income and non-interest income both increased, driving 2025 net income to $774.2 million, up from $667.1 million, despite higher provisions.

Wintrust Financial Corporation (NASDAQ: WTFC - Get Free Report) has received a consensus rating of "Moderate Buy" from the fourteen brokerages that are currently covering the firm, MarketBeat Ratings reports. Two analysts have rated the stock with a hold rating, eleven have issued a buy rating and one has given a strong buy rating to the

Wintrust Financial demonstrates robust loan and deposit growth, a strong net interest margin, and leverages a unique multi-charter community banking model. WTFC's Q4 2025 earnings highlight 11% YoY net income growth and top-tier net interest margin at 3.52%, outperforming peers. Despite operational strengths, macroeconomic headwinds—yield curve pressures, private credit contagion risk, and credit deterioration—limit upside potential.

Brian A. Kenney to Succeed Hackett as Chairman April 09, 2026 17:15 ET  | Source: Wintrust Financial Corporation

CHICAGO, April 09, 2026 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (NASDAQ: WTFC) (“Wintrust”) today announced Board of Directors members H. Patrick Hackett Jr. and William J. Doyle will not stand for re-election and will conclude their service at the Annual Meeting of Shareholders to be held May 28, 2026.

It is anticipated that Brian A. Kenney, a Wintrust Board member since 2023, will succeed Hackett as Chairman of the Board, pending his re-election at the Annual Meeting.

“We are grateful to Pat and Bill for their years of service on our Board, including Pat’s nine years of leadership as Chairman” said Tim Crane, President and Chief Executive Officer, Wintrust Financial Corporation. “Pat and Bill, along with our entire board, have been instrumental in sharing their expertise and insights as we have grown to a $71 billion bank with sophisticated financial capabilities delivered through a community banking model centered on exceptional customer service.”

Hackett is Managing Member of HHS Partners LLC, a Chicago-area investment company. He joined the Board in 2008 and has served as Chairman since 2017. Doyle has been a Director since 2017. He retired as President and Chief Executive Officer of PotashCorp in 2015.

Kenney retired as Chairman, President and Chief Executive Officer of GATX Corporation in 2022. As a member of the Wintrust Board, he currently serves as Chairman of the Risk Management Committee and as a member of Nominating Committee.

“Brian’s experience leading a global, publicly traded company is particularly valuable for our financial organization and I am pleased that he will serve as Chairman of the Board,” Crane added.

The remaining 12 Board members are seeking re-election, as noted in the 2026 Proxy Statement available at ir.wintrust.com.

About Wintrust
Wintrust is a financial holding company with $71 billion in assets whose common stock is traded on the NASDAQ Global Select Market. Guided by its “Different Approach, Better Results®” philosophy, Wintrust offers the sophisticated resources of a large bank while providing a community banking experience to each customer. Wintrust operates more than 200 retail banking locations through 16 community bank subsidiaries in the greater Chicago, southern Wisconsin, west Michigan, northwest Indiana, and southwest Florida market areas. In addition, Wintrust operates various non-bank business units, providing residential mortgage origination, wealth management, commercial and life insurance premium financing, short-term accounts receivable financing/outsourced administrative services to the temporary staffing services industry, and qualified intermediary services for tax-deferred exchanges. For more information, please visit wintrust.com.

Forward-Looking Information
This press release contains forward-looking statements within the meaning of the federal securities laws. Investors are cautioned that such statements are predictions and that actual events or results may differ materially. Wintrust's expected financial results or other plans are subject to a number of risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" and the forward-looking statement disclosure contained in Wintrust's Annual Report on Form 10-K for the most recently ended fiscal year. Forward-looking statements speak only as of the date made and Wintrust undertakes no duty to update the information.

For more information, media may contact Amy Yuhn at 847-939-9591 or [email protected]. For investor relations inquiries, please contact Dave Dykstra at 847-939-9000.

Contact: Amy Yuhn
Phone: 847-939-9591
Mobile: 312-218-2364
Email: [email protected]

April 15, 2026 16:50 ET  | Source: Wintrust Financial Corporation

ROSEMONT, Ill., April 15, 2026 (GLOBE NEWSWIRE) -- The Board of Directors of Wintrust Financial Corporation (“Wintrust” or the “Company”) (Nasdaq: WTFC) has approved a quarterly cash dividend of $0.55 per share of outstanding common stock. The dividend is payable on May 28, 2026, to shareholders of record as of May 14, 2026.

Additionally, the Company’s Board of Directors approved a cash dividend on outstanding shares of the Company’s 7.875% Fixed-Rate Reset Non-Cumulative Perpetual Preferred Stock, Series F. The dividend is payable on July 15, 2026, to shareholders of record as of July 1, 2026.

About Wintrust

Wintrust is a financial holding company with $71.1 billion in assets whose common stock is traded on the Nasdaq Global Select Market. Guided by its “Different Approach, Better Results®” philosophy, Wintrust offers the sophisticated resources of a large bank while providing a community banking experience to each customer. Wintrust operates more than 200 retail banking locations through 16 community bank subsidiaries in the greater Chicago, southern Wisconsin, west Michigan, northwest Indiana, and southwest Florida market areas. In addition, Wintrust operates various non-bank business units, providing residential mortgage origination, wealth management, commercial and life insurance premium financing, short-term accounts receivable financing/outsourced administrative services to the temporary staffing services industry, and qualified intermediary services for tax-deferred exchanges. For more information, please visit wintrust.com.

Forward-Looking Information

This press release contains forward-looking statements within the meaning of the federal securities laws. Investors are cautioned that such statements are predictions and that actual events or results may differ materially. Wintrust's expected financial results or other plans are subject to a number of risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" and the forward-looking statement disclosure contained in Wintrust's Annual Report on Form 10-K for the most recently ended fiscal year. Forward-looking statements speak only as of the date made and Wintrust undertakes no duty to update the information.

FOR MORE INFORMATION CONTACT:
David A. Dykstra, Vice Chairman & Chief Operating Officer
(847) 939-9000
Amy Yuhn, Executive Vice President, Communications
(847) 939-9591
Website address: www.wintrust.com

ROSEMONT, Ill., April 20, 2026 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced record net income of $227.4 million, or $3.22 per diluted common share, for the first quarter of 2026 compared to net income of $223.0 million, or $3.15 per diluted common share for the fourth quarter of 2025. Pre-tax, pre-provision income (non-GAAP) for the first quarter of 2026 totaled a record $330.5 million, as compared to $329.8 million for the fourth quarter of 2025.

Timothy S. Crane, President and Chief Executive Officer, commented, “We are pleased with our first quarter 2026 results, with diversified loan growth, robust deposit generation and prudent expense management resulting in a fifth consecutive quarter of record net income. Our multi-faceted business model and unique market position continued to build franchise value.”

Additionally, Mr. Crane noted, “Net interest margin in the first quarter remained within our expected range, improving by two basis points to 3.56%. Strong loan growth, coupled with a stable net interest margin supported solid net interest income levels in the first quarter of 2026. Our disciplined approach to underwriting led to strong credit quality with low levels of net charge-offs and non-performing loans.”

Highlights of the first quarter of 2026:
Comparative information to the fourth quarter of 2025, unless otherwise noted

Total loans increased by $1.0 billion, or 7% annualized.Total deposits increased by $1.2 billion, or 8% annualized.Total assets increased by $1.0 billion, or 6% annualized.Net interest margin increased to 3.54% (3.56% on a fully taxable-equivalent basis, non-GAAP) during the first quarter of 2026. Net interest income decreased to $579.0 million in the first quarter of 2026, compared to $583.9 million in the fourth quarter of 2025, primarily due to two fewer calendar days in the first quarter, partially offset by average earning asset growth during the quarter.         Provision for credit losses totaled $29.6 million in the first quarter of 2026, compared to a provision for credit losses of $27.6 million in the fourth quarter of 2025.Net charge-offs totaled $18.4 million, or 14 basis points of average total loans on an annualized basis, in the first quarter of 2026 down from $21.8 million, or 17 basis points of average total loans on an annualized basis, in the fourth quarter of 2025.Non-performing loans totaled $182.7 million and comprised 0.34% of total loans at March 31, 2026, as compared to $185.8 million and 0.35% of total loans at December 31, 2025. “Our first quarter performance reflected the efficient execution of our strategic priorities to deliver our differentiated customer experience, deliver disciplined and strategic growth and build the foundation for our future”, Mr. Crane said. “We believe the continued momentum in our financial results has us well-positioned for the remainder of 2026. We expect sustained balance sheet growth, as we manage our expenses while investing appropriately in our businesses, to create consistent value for our shareholders.”

The graphs shown on pages 3-7 illustrate certain financial highlights of the first quarter of 2026 as well as historical financial performance. See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 17 for additional information with respect to non-GAAP financial measures/ratios, including the reconciliations to the corresponding GAAP financial measures/ratios.

Graphs available at the following link: 
http://ml.globenewswire.com/Resource/Download/eee88316-a409-40c9-8b41-bcc28fae9695

SUMMARY OF RESULTS:

BALANCE SHEET

Total assets increased $1.0 billion in the first quarter of 2026 compared to the fourth quarter of 2025, driven by a $1.0 billion increase in total loans. The increase in loans was broad-based with growth across most major loan categories.

Total liabilities increased by $0.9 billion in the first quarter of 2026 compared to the fourth quarter of 2025, driven by a $1.2 billion increase in total deposits. Robust organic deposit growth in the first quarter of 2026 was driven by our diverse deposit product offerings. Non-interest bearing deposit balances represented 20% of total deposits and average non-interest bearing deposit balances have remained stable in recent quarters. The Company's loans-to-deposits ratio ended the quarter at 91.8%.

For more information regarding changes in the Company’s balance sheet, see Consolidated Statements of Condition and Table 1 through Table 3 in this report.

NET INTEREST INCOME

For the first quarter of 2026, net interest income totaled $579.0 million, a decrease of $4.9 million compared to the fourth quarter of 2025. The decrease in net interest income in the first quarter of 2026 was driven by two fewer calendar days in the quarter, partially offset by average earning asset growth during the quarter.

Net interest margin was 3.54% (3.56% on a fully taxable-equivalent basis, non-GAAP) during the first quarter of 2026, up two basis points compared to the fourth quarter of 2025, benefiting from two fewer calendar days in the calendar. The yield on earning assets declined 10 basis points during the first quarter of 2026 primarily due to a 13 basis point decrease in loan yields. Funding cost on interest-bearing deposits decreased by 16 basis points compared to the fourth quarter of 2025, which more than offset the reduction in loan yields. The net free funds contribution in the first quarter of 2026 declined four basis points compared to the fourth quarter of 2025.

For more information regarding net interest income, see Table 4 through Table 7 in this report.

ASSET QUALITY

The allowance for credit losses totaled $471.6 million as of March 31, 2026, an increase from $460.5 million as of December 31, 2025. A provision for credit losses totaling $29.6 million was recorded for the first quarter of 2026 compared to $27.6 million recorded in the fourth quarter of 2025. The provision for credit losses recognized in the first quarter of 2026 reflects stable credit quality and a mostly stable macroeconomic forecast. However, given future economic performance remains uncertain, model results capture uncertainty related to credit spreads and equity market valuations. For more information regarding the allowance for credit losses and provision for credit losses, see Table 10 in this report.

Management believes the allowance for credit losses is appropriate to account for expected credit losses. The Company is required to estimate expected credit losses over the life of the Company’s financial assets as of the reporting date. There can be no assurances, however, that future losses will not significantly exceed the amounts provided for, thereby affecting future results of operations. A summary of the allowance for credit losses calculated for the loan components in each portfolio as of March 31, 2026, December 31, 2025, and September 30, 2025 is shown on Table 11 of this report.

Net charge-offs totaled $18.4 million in the first quarter of 2026, a decrease of $3.4 million compared to $21.8 million of net charge-offs in the fourth quarter of 2025. Net charge-offs as a percentage of average total loans were 14 basis points in the first quarter of 2026 on an annualized basis compared to 17 basis points on an annualized basis in the fourth quarter of 2025. For more information regarding net charge-offs, see Table 9 in this report.

The Company’s loan portfolio delinquency rates remain low and manageable. For more information regarding past due loans, see Table 12 in this report.

Non-performing assets and non-performing loans were stable compared to prior quarter. Non-performing assets totaled $200.2 million and comprised 0.28% of total assets as of March 31, 2026, as compared to $206.6 million, or 0.29% of total assets, as of December 31, 2025. Non-performing loans totaled $182.7 million and comprised 0.34% of total loans at March 31, 2026, as compared to $185.8 million and 0.35% of total loans at December 31, 2025. For more information regarding non-performing assets, see Table 13 in this report.

NON-INTEREST INCOME

Non-interest income totaled $134.1 million in the first quarter of 2026, increasing $3.7 million, compared to $130.4 million in the fourth quarter of 2025.

Wealth management revenue increased by approximately $2.7 million in the first quarter of 2026, compared to the fourth quarter of 2025. The increase in the first quarter of 2026 was primarily driven by the increase in trust and asset management revenue. Wealth management revenue is comprised of the trust and asset management revenue of Wintrust Private Trust Company and Great Lakes Advisors, the brokerage commissions, managed money fees and insurance product commissions at Wintrust Investments and fees from tax-deferred like-kind exchange services provided by the Chicago Deferred Exchange Company.

Mortgage banking revenue totaled $23.4 million in the first quarter of 2026, compared to $22.6 million in the fourth quarter of 2025. The increase in the first quarter of 2026 was primarily attributed to higher production revenue. For more information regarding mortgage banking revenue, see Table 15 in this report.

The Company recognized approximately $31,000 in net losses on investment securities in the first quarter of 2026 compared to approximately $1.5 million in net gains in the fourth quarter of 2025. The net losses in the first quarter of 2026 were primarily the result of unrealized losses on the Company’s equity investment securities with a readily determinable fair value.

For more information regarding non-interest income, see Table 14 in this report.

NON-INTEREST EXPENSE

Non-interest expense totaled $382.6 million in the first quarter of 2026, decreasing $1.9 million, compared to $384.5 million in the fourth quarter of 2025. Non-interest expense, as a percent of average assets, remained stable at 2.21% in the first quarter of 2026.

Salaries and employee benefits expense increased by approximately $5.9 million in the first quarter of 2026, compared to the fourth quarter of 2025. This was primarily driven by an increase in base salaries as annual merit increases go into effect in the first quarter.

The Company recorded net OREO expense of $207,000 in the first quarter of 2026, compared to net OREO expense of $2.2 million in the fourth quarter of 2025. The primary driver of the decrease in the first quarter can be attributed to valuation adjustments in the fourth quarter of 2025. Net OREO expenses include all costs associated with obtaining, maintaining and selling other real estate owned properties as well as valuation adjustments.

Advertising and marketing expenses in the first quarter of 2026 totaled $13.2 million, which was a $574,000 decrease as compared to the fourth quarter of 2025. Marketing costs are incurred to promote the Company’s brand, commercial banking capabilities and the Company’s various products, to attract loans and deposits and to announce new branch openings as well as the expansion of the Company’s non-bank businesses. The level of marketing expenditures depends on the timing of sponsorship programs utilized which are determined based on the market area, targeted audience, competition and various other factors. Generally, these expenses are elevated in the second and third quarters of each year.

Travel and entertainment expense decreased approximately $2.5 million in the first quarter of 2026, compared to the fourth quarter of 2025. The decrease is primarily attributed to seasonal corporate events that occur in the fourth quarter.

For more information regarding non-interest expense, see Table 16 in this report.

INCOME TAXES

The Company recorded income tax expense of $73.6 million in the first quarter of 2026 compared to $79.2 million in the fourth quarter of 2025. The effective tax rates were 24.4% in the first quarter of 2026 compared to 26.2% in the fourth quarter of 2025. The effective tax rates were impacted by the tax effects related to share-based compensation which fluctuate based on the Company’s stock price and timing of employee stock option exercises and vesting of other share-based awards. The Company recorded net excess tax benefits of $6.6 million in the first quarter of 2026, compared to net excess tax benefits of $70,000 in the fourth quarter of 2025 related to share-based compensation.

BUSINESS SUMMARY

Community Banking

Through community banking, the Company provides banking and financial services primarily to individuals, small to mid-sized businesses, local governmental units and institutional clients residing primarily in the local areas the Company services. In the first quarter of 2026, community banking increased its commercial, commercial real estate and residential real estate loan portfolios.

Mortgage banking revenue was $23.4 million for the first quarter of 2026, an increase of $771,000 compared to the fourth quarter of 2025. See Table 15 for more detail. Service charges on deposit accounts totaled $21.0 million in the first quarter of 2026 as compared to $20.4 million in the fourth quarter of 2025. The Company’s gross commercial and commercial real estate loan pipelines remained solid as of March 31, 2026 indicating momentum for expected continued loan growth in the second quarter of 2026.

Specialty Finance

Through specialty finance, the Company offers financing of insurance premiums for businesses and individuals, equipment financing through structured loans and lease products to customers in a variety of industries, accounts receivable financing and value-added, out-sourced administrative services and other services. Originations within the insurance premium financing receivables portfolios were $5.1 billion during the first quarter of 2026. Average balances decreased by $81.0 million, as compared to the fourth quarter of 2025. The Company’s leasing divisions’ portfolio balances increased in the first quarter of 2026, with capital leases, loans, and equipment on operating leases of $3.0 billion, $1.2 billion, and $362.8 million as of March 31, 2026, respectively, compared to $2.9 billion, $1.2 billion, and $360.6 million as of December 31, 2025, respectively. Revenues from the Company’s out-sourced administrative services business were $1.2 million in the first quarter of 2026, which was relatively stable compared to the fourth quarter of 2025.

Wealth Management

Through wealth management, the Company offers a full range of wealth management services, including trust and investment services, tax-deferred like-kind exchange services, asset management, and securities brokerage services. Wealth management revenue totaled $42.1 million in the first quarter of 2026, an increase as compared to the fourth quarter of 2025. At March 31, 2026, the Company’s wealth management subsidiaries had approximately $45.9 billion of assets under administration, which excludes assets owned by the Company and its subsidiary banks.

WINTRUST FINANCIAL CORPORATION

Key Operating Measures

Wintrust’s key operating measures and growth rates for the first quarter of 2026, as compared to the fourth quarter of 2025 (sequential quarter) and first quarter of 2025 (linked quarter), are shown in the table below:

      % or(1)
basis point  (bp) change from
4th Quarter
2025% or
basis point  (bp) change from
1st Quarter
2025 Three Months Ended(Dollars in thousands, except per share data)Mar 31, 2026 Dec 31, 2025 Mar 31, 2025Net income$227,388  $223,024  $189,039 2 %20 %Pre-tax income, excluding provision for credit losses (non-GAAP)(2) 330,534   329,811   277,018 0  19  Net income per common share – Diluted 3.22   3.15   2.69 2  20  Cash dividends declared per common share 0.55   0.50   0.50 10  10  Net revenue(3) 713,166   714,264   643,108 0  11  Net interest income 579,024   583,874   526,474 (1) 10  Net interest margin 3.54%  3.52%  3.54%2 bps— bpsNet interest margin – fully taxable-equivalent (non-GAAP)(2) 3.56   3.54   3.56 2  —  Net overhead ratio(4) 1.44   1.45   1.58 (1) (14) Return on average assets 1.32   1.27   1.20 5  12  Return on average common equity 12.76   12.63   12.21 13  55  Return on average tangible common equity (non-GAAP)(2) 14.89   14.83   14.72 6  17  At end of period         Total assets$72,157,433  $71,142,046  $65,870,066 6 %10 %Total loans(5) 54,071,292   53,105,101   48,708,390 7  11  Total deposits 58,914,382   57,717,191   53,570,038 8  10  Total shareholders’ equity 7,378,100   7,258,715   6,600,537 7  12   (1) Period-end balance sheet percentage changes are annualized.
(2) See Table 17: Supplemental Non-GAAP Financial Measures/Ratios 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.

Certain returns, yields, performance ratios, or quarterly growth rates are “annualized” in this presentation to represent an annual time period. This is done for analytical purposes to better discern, for decision-making purposes, underlying performance trends when compared to full-year or year-over-year amounts. For example, a 5% growth rate for a quarter would represent an annualized 20% growth rate.

WINTRUST FINANCIAL CORPORATION
Selected Financial Highlights

  Three Months Ended(Dollars in thousands, except per share data) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025Selected Financial Condition Data (at end of period):Total assets $72,157,433  $71,142,046  $69,629,638  $68,983,318  $65,870,066 Total loans(1)  54,071,292   53,105,101   52,063,482   51,041,679   48,708,390 Total deposits  58,914,382   57,717,191   56,711,381   55,816,811   53,570,038 Total shareholders’ equity  7,378,100   7,258,715   7,045,757   7,225,696   6,600,537 Selected Statements of Income Data:          Net interest income $579,024  $583,874  $567,010  $546,694  $526,474 Net revenue(2)  713,166   714,264   697,837   670,783   643,108 Net income  227,388   223,024   216,254   195,527   189,039 Pre-tax income, excluding provision for credit losses (non-GAAP)(3)  330,534   329,811   317,809   289,322   277,018 Net income per common share – Basic  3.26   3.21   2.82   2.82   2.73 Net income per common share – Diluted  3.22   3.15   2.78   2.78   2.69 Cash dividends declared per common share  0.55   0.50   0.50   0.50   0.50 Selected Financial Ratios and Other Data:          Performance Ratios:          Net interest margin  3.54%  3.52%  3.48%  3.52%  3.54%Net interest margin – fully taxable-equivalent (non-GAAP)(3)  3.56   3.54   3.50   3.54   3.56 Non-interest income to average assets  0.78   0.74   0.76   0.76   0.74 Non-interest expense to average assets  2.21   2.19   2.21   2.32   2.32 Net overhead ratio(4)  1.44   1.45   1.45   1.57   1.58 Return on average assets  1.32   1.27   1.26   1.19   1.20 Return on average common equity  12.76   12.63   11.58   12.07   12.21 Return on average tangible common equity (non-GAAP)(3)  14.89   14.83   13.74   14.44   14.72 Average total assets $70,089,123  $69,492,268  $68,303,036  $65,840,345  $64,107,042 Average total shareholders’ equity  7,387,713   7,166,608   6,955,543   6,862,040   6,460,941 Average loans to average deposits ratio  93.1%  92.4%  92.5%  93.0%  92.3%Period-end loans to deposits ratio  91.8   92.0   91.8   91.4   90.9 Common Share Data at end of period:          Market price per common share $138.94  $139.82  $132.44  $123.98  $112.46 Book value per common share  103.10   102.03   98.87   95.43   92.47 Tangible book value per common share (non-GAAP)(3)  89.90   88.66   85.39   81.86   78.83 Common shares outstanding  67,437,300   66,974,913   66,961,209   66,937,732   66,919,325 Other Data at end of period:          Common equity to assets ratio  9.6%  9.6%  9.5%  9.3%  9.4%Tangible common equity ratio (non-GAAP)(3)  8.5   8.5   8.3   8.0   8.1 Tier 1 leverage ratio(5)  9.8   9.6   9.5   10.2   9.6 Risk-based capital ratios:          Tier 1 capital ratio(5)  11.1   11.0   10.9   11.5   10.8 Common equity tier 1 capital ratio(5)  10.4   10.3   10.2   10.0   10.1 Total capital ratio(5)  12.5   12.4   12.4   13.0   12.5 Allowance for credit losses(6) $471,591  $460,465  $454,586  $457,461  $448,387 Allowance for loan and unfunded lending-related commitment losses to total loans  0.87%  0.87%  0.87%  0.90%  0.92%Number of:          Bank subsidiaries  16   16   16   16   16 Banking offices  209   209   208   208   208  (1) Excludes mortgage loans held-for-sale.
(2) Net revenue is net interest income plus non-interest income.
(3) See Table 17: Supplemental Non-GAAP Financial Measures/Ratios 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 average total 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 the allowance for loan losses, the allowance for unfunded lending-related commitments and the allowance for held-to-maturity securities losses.

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CONDITION

  (Unaudited)   (Unaudited) (Unaudited) (Unaudited)  Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(In thousands)  2026   2025   2025   2025   2025 Assets          Cash and due from banks $543,654  $467,874  $565,406  $695,501  $616,216 Federal funds sold and securities purchased under resale agreements  65   64   63   63   63 Interest-bearing deposits with banks  3,051,665   3,180,553   3,422,452   4,569,618   4,238,237 Available-for-sale securities, at fair value  7,244,282   6,236,263   5,274,124   4,885,715   4,220,305 Held-to-maturity securities, at amortized cost  3,270,207   3,343,905   3,438,406   3,502,186   3,564,490 Equity securities with readily determinable fair value  63,786   63,770   63,445   273,722   270,442 Federal Home Loan Bank and Federal Reserve Bank stock  292,044   291,881   282,755   282,087   281,893 Mortgage loans held-for-sale, at fair value  383,405   340,745   333,883   299,606   316,804 Loans, net of unearned income  54,071,292   53,105,101   52,063,482   51,041,679   48,708,390 Allowance for loan losses  (390,651)  (379,283)  (386,622)  (391,654)  (378,207)Net loans  53,680,641   52,725,818   51,676,860   50,650,025   48,330,183 Premises, software and equipment, net  777,603   781,611   775,425   776,324   776,679 Lease investments, net  362,766   360,646   301,000   289,768   280,472 Accrued interest receivable and other assets  1,596,617   1,617,682   1,614,674   1,610,025   1,598,255 Receivable on unsettled securities sales  —   835,275   978,209   240,039   463,023 Goodwill  797,658   797,960   797,639   798,144   796,932 Other acquisition-related intangible assets  93,040   97,999   105,297   110,495   116,072 Total assets $72,157,433  $71,142,046  $69,629,638  $68,983,318  $65,870,066 Liabilities and Shareholders’ Equity          Deposits:          Non-interest-bearing $12,112,891  $11,423,701  $10,952,146  $10,877,166  $11,201,859 Interest-bearing  46,801,491   46,293,490   45,759,235   44,939,645   42,368,179 Total deposits  58,914,382   57,717,191   56,711,381   55,816,811   53,570,038 Federal Home Loan Bank advances  3,451,309   3,451,309   3,151,309   3,151,309   3,151,309 Other borrowings  340,647   477,966   579,328   625,392   529,269 Subordinated notes  298,717   298,636   298,536   298,458   298,360 Junior subordinated debentures  253,566   253,566   253,566   253,566   253,566 Payable on unsettled securities purchases  —   —   —   39,105   — Accrued interest payable and other liabilities  1,520,712   1,684,663   1,589,761   1,572,981   1,466,987 Total liabilities  64,779,333   63,883,331   62,583,881   61,757,622   59,269,529 Shareholders’ Equity:          Preferred stock  425,000   425,000   425,000   837,500   412,500 Common stock  67,525   67,062   67,042   67,025   67,007 Surplus  2,546,792   2,534,024   2,521,306   2,495,637   2,494,347 Treasury stock  (13,970)  (9,156)  (9,150)  (9,156)  (9,156)Retained earnings  4,719,561   4,537,539   4,356,367   4,200,923   4,045,854 Accumulated other comprehensive loss  (366,808)  (295,754)  (314,808)  (366,233)  (410,015)Total shareholders’ equity  7,378,100   7,258,715   7,045,757   7,225,696   6,600,537 Total liabilities and shareholders’ equity $72,157,433  $71,142,046  $69,629,638  $68,983,318  $65,870,066 
WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

 Three Months Ended(Dollars in thousands, except per share data)Mar 31,
2026 Dec 31,
2025 Sep 30,
2025 Jun 30,
2025 Mar 31,
2025Interest income         Interest and fees on loans$797,889  $822,494  $832,140 $797,997 $768,362 Mortgage loans held-for-sale 4,615   5,607   4,757  4,872  4,246 Interest-bearing deposits with banks 19,150   27,190   34,992  34,317  36,766 Federal funds sold and securities purchased under resale agreements 64   77   75  276  179 Investment securities 100,278   95,461   86,426  78,053  72,016 Trading account securities —   —   —  —  11 Federal Home Loan Bank and Federal Reserve Bank stock 5,564   5,497   5,444  5,393  5,307 Brokerage customer receivables —   —   —  —  78 Total interest income 927,560   956,326   963,834  920,908  886,965 Interest expense         Interest on deposits 309,187   332,178   355,846  333,470  320,233 Interest on Federal Home Loan Bank advances 27,701   26,408   26,007  25,724  25,441 Interest on other borrowings 4,026   5,956   6,887  6,957  6,792 Interest on subordinated notes 3,719   3,737   3,717  3,735  3,714 Interest on junior subordinated debentures 3,903   4,173   4,367  4,328  4,311 Total interest expense 348,536   372,452   396,824  374,214  360,491 Net interest income 579,024   583,874   567,010  546,694  526,474 Provision for credit losses 29,594   27,588   21,768  22,234  23,963 Net interest income after provision for credit losses 549,430   556,286   545,242  524,460  502,511 Non-interest income         Wealth management 42,059   39,365   37,188  36,821  34,042 Mortgage banking 23,396   22,625   24,451  23,170  20,529 Service charges on deposit accounts 20,970   20,402   19,825  19,502  19,362 (Losses) gains on investment securities, net (31)  1,505   2,972  650  3,196 Fees from covered call options 4,669   5,992   5,619  5,624  3,446 Trading gains (losses), net 10   (257)  172  151  (64)Operating lease income, net 19,154   16,365   15,466  15,166  15,287 Other 23,915   24,393   25,134  23,005  20,836 Total non-interest income 134,142   130,390   130,827  124,089  116,634 Non-interest expense         Salaries and employee benefits 228,447   222,557   219,668  219,541  211,526 Software and equipment 35,654   36,096   35,027  36,522  34,717 Operating lease equipment 10,987   11,034   10,409  10,757  10,471 Occupancy, net 20,566   20,105   20,809  20,228  20,778 Data processing 11,266   11,809   11,329  12,110  11,274 Advertising and marketing 13,218   13,792   19,027  18,761  12,272 Professional fees 7,375   8,280   7,465  9,243  9,044 Amortization of other acquisition-related intangible assets 4,958   4,999   5,196  5,580  5,618 FDIC insurance 10,990   10,562   11,418  10,971  10,926 Other real estate owned (“OREO”) expenses, net 207   2,162   262  505  643 Other 38,964   43,057   39,418  37,243  38,821 Total non-interest expense 382,632   384,453   380,028  381,461  366,090 Income before taxes 300,940   302,223   296,041  267,088  253,055 Income tax expense 73,552   79,199   79,787  71,561  64,016 Net income$227,388  $223,024  $216,254 $195,527 $189,039 Preferred stock dividends 8,367   8,367   13,295  6,991  6,991 Preferred stock redemption —   —   14,046  —  — Net income applicable to common shares$219,021  $214,657  $188,913 $188,536 $182,048 Net income per common share - Basic$3.26  $3.21  $2.82 $2.82 $2.73 Net income per common share - Diluted$3.22  $3.15  $2.78 $2.78 $2.69 Cash dividends declared per common share$0.55  $0.50  $0.50 $0.50 $0.50 Weighted average common shares outstanding 67,246   66,970   66,952  66,931  66,726 Dilutive potential common shares 851   1,143   1,028  888  923 Average common shares and dilutive common shares 68,097   68,113   67,980  67,819  67,649 
TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES

          % Growth From(1)(Dollars in thousands)Mar 31,
2026 Dec 31,
2025 Sep 30,
2025 Jun 30, 
2025 Mar 31,
2025Dec 31,
2025(2)Mar 31,
2025Balance:           Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies$249,350 $217,136 $211,360 $192,633 $181,58060%37%Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies 134,055  123,609  122,523  106,973  135,22434 (1)Total mortgage loans held-for-sale$383,405 $340,745 $333,883 $299,606 $316,80451%21%            Core loans:           Commercial           Commercial and industrial$7,620,239 $7,267,505 $7,135,083 $7,028,247 $6,871,20620%11%Asset-based lending 1,558,089  1,512,888  1,588,522  1,663,693  1,701,96212 (8)Municipal 839,633  868,958  804,986  771,785  798,646(14)5 Leases 3,002,014  2,921,366  2,834,563  2,757,331  2,680,94311 12 Commercial real estate           Residential construction 53,097  54,753  60,923  59,027  55,849(12)(5)Commercial construction 1,959,375  2,013,244  2,273,545  2,165,263  2,086,797(11)(6)Land 311,470  341,585  323,685  304,827  306,235(36)2 Office 1,652,482  1,688,614  1,578,208  1,601,208  1,641,555(9)1 Industrial 3,323,977  3,167,768  2,912,547  2,824,889  2,677,55520 24 Retail 1,469,658  1,436,252  1,478,861  1,452,351  1,402,8379 5 Multi-family 3,565,419  3,445,507  3,306,597  3,200,578  3,091,31414 15 Mixed use and other 1,826,808  1,793,013  1,684,841  1,683,867  1,652,7598 11 Home equity 471,264  480,525  484,202  466,815  455,683(8)3 Residential real estate           Residential real estate loans for investment 4,319,941  4,171,439  4,019,046  3,814,715  3,561,41714 21 Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies 83,036  84,706  75,088  80,800  86,952(8)(5)Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies 62,189  61,087  49,736  53,267  36,7907 69 Total core loans$32,118,691 $31,309,210 $30,610,433 $29,928,663 $29,108,50010%10%            Niche loans:           Commercial           Franchise$1,293,639 $1,298,493 $1,298,140 $1,286,265 $1,262,555(2)%2%Mortgage warehouse lines of credit 1,800,972  1,515,003  1,204,661  1,232,530  1,019,54377 77 Community Advantage - homeowners association 526,274  532,027  537,696  526,595  525,492(4)— Insurance agency lending 1,122,361  1,128,446  1,140,691  1,120,985  1,070,979(2)5 Premium Finance receivables           U.S. property & casualty insurance 7,127,234  7,308,054  7,502,901  7,378,340  6,486,663(10)10 Canada property & casualty insurance 763,097  875,362  863,391  944,836  753,199(52)1 Life insurance 9,196,382  9,023,642  8,758,553  8,506,960  8,365,1408 10 Consumer and other 122,642  114,864  147,016  116,505  116,31927 5 Total niche loans$21,952,601 $21,795,891 $21,453,049 $21,113,016 $19,599,8903%12%            Total loans, net of unearned income$54,071,292 $53,105,101 $52,063,482 $51,041,679 $48,708,3907%11% (1)  NM - Not Meaningful.
(2)  Annualized.

TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES

          % Growth From(Dollars in thousands)Mar 31,
2026 Dec 31,
2025 Sep 30,
2025 Jun 30,
2025 Mar 31,
2025Dec 31,
2025(1) Mar 31,
2025Balance:            Non-interest-bearing$12,112,891  $11,423,701  $10,952,146  $10,877,166  $11,201,859 24% 8%NOW and interest-bearing demand deposits 5,987,258   6,233,753   6,710,919   6,795,725   6,340,168 (16) (6)Wealth management deposits(2) 1,670,620   1,907,647   1,600,735   1,595,764   1,408,790 (50) 19 Money market 21,714,267   21,368,924   20,270,382   19,556,041   18,074,733 7  20 Savings 6,942,565   6,905,216   6,758,743   6,659,419   6,576,251 2  6 Time certificates of deposit 10,486,781   9,877,950   10,418,456   10,332,696   9,968,237 25  5 Total deposits$58,914,382  $57,717,191  $56,711,381  $55,816,811  $53,570,038 8% 10%Mix:            Non-interest-bearing 20%  20%  19%  19%  21%   NOW and interest-bearing demand deposits 10   11   12   12   12    Wealth management deposits(2) 3   3   3   3   3    Money market 37   37   36   35   34    Savings 12   12   12   12   12    Time certificates of deposit 18   17   18   19   18    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”), and trust and asset management customers of the Company.

TABLE 3: TIME CERTIFICATES OF DEPOSIT MATURITY/RE-PRICING ANALYSIS
As of March 31, 2026

(Dollars in thousands) Total Time
Certificates of
Deposit Weighted-Average
Rate of Maturing
Time Certificates
of Deposit1-3 months $2,650,966 3.45%4-6 months  5,018,880 3.51 7-9 months  1,589,764 3.37 10-12 months  822,123 3.40 13-18 months  243,686 2.88 19-24 months  70,182 2.85 24+ months  91,180 2.72 Total $10,486,781 3.44%
TABLE 4: QUARTERLY AVERAGE BALANCES

  Average Balance for three months ended,  Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(In thousands)  2026   2025   2025   2025   2025 Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents(1) $2,247,083  $2,842,829  $3,276,683  $3,308,199  $3,520,048 Investment securities(2)  10,616,617   10,084,138   9,377,930   8,801,560   8,409,735 FHLB and FRB stock(3)  291,972   284,643   282,338   282,001   281,702 Liquidity management assets(4) $13,155,672  $13,211,610  $12,936,951  $12,391,760  $12,211,485 Other earning assets(4) (5)  —   —   —   —   13,140 Mortgage loans held-for-sale  317,047   357,672   295,365   310,534   286,710 Loans, net of unearned income(4) (6)  52,845,685   52,193,637   51,403,566   49,517,635   47,833,380 Total earning assets(4) $66,318,404  $65,762,919  $64,635,882  $62,219,929  $60,344,715 Allowance for loan and investment security losses  (391,810)  (404,075)  (410,681)  (398,685)  (375,371)Cash and due from banks  534,189   517,616   495,292   478,707   476,423 Other assets  3,628,340   3,615,808   3,582,543   3,540,394   3,661,275 Total assets $70,089,123  $69,492,268  $68,303,036  $65,840,345  $64,107,042            NOW and interest-bearing demand deposits $6,081,218  $6,133,333  $6,687,292  $6,423,050  $6,046,189 Wealth management deposits  1,858,560   1,925,808   1,604,142   1,552,989   1,574,480 Money market accounts  21,156,125   20,475,659   19,431,021   18,184,754   17,581,141 Savings accounts  6,921,251   6,814,263   6,723,325   6,578,698   6,479,444 Time deposits  9,782,112   10,045,136   10,319,719   9,841,702   9,406,126 Interest-bearing deposits $45,799,266  $45,394,199  $44,765,499  $42,581,193  $41,087,380 FHLB advances(3)  3,451,312   3,203,483   3,151,310   3,151,310   3,151,309 Other borrowings  442,200   547,507   614,892   593,657   582,139 Subordinated notes  298,661   298,576   298,481   298,398   298,306 Junior subordinated debentures  253,566   253,566   253,566   253,566   253,566 Total interest-bearing liabilities $50,245,005  $49,697,331  $49,083,748  $46,878,124  $45,372,700 Non-interest-bearing deposits  10,963,887   11,080,254   10,791,709   10,643,798   10,732,156 Other liabilities  1,492,518   1,548,075   1,472,036   1,456,383   1,541,245 Equity  7,387,713   7,166,608   6,955,543   6,862,040   6,460,941 Total liabilities and shareholders’ equity $70,089,123  $69,492,268  $68,303,036  $65,840,345  $64,107,042            Net free funds/contribution(7) $16,073,399  $16,065,588  $15,552,134  $15,341,805  $14,972,015  (1) Includes interest-bearing deposits from banks and securities purchased under resale agreements with original maturities of greater than three months. Cash equivalents include federal funds sold and securities purchased under resale agreements with original maturities of three months or less.
(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) Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”)
(4) See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
(5) Other earning assets include brokerage customer receivables and trading account securities.
(6) Loans, net of unearned income, include non-accrual loans.
(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.

TABLE 5: QUARTERLY NET INTEREST INCOME

  Net Interest Income for three months ended,  Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(In thousands)  2026   2025   2025   2025   2025 Interest income:          Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents $19,214  $27,267  $35,067  $34,593  $36,945 Investment securities  100,864   96,122   87,101   78,733   72,706 FHLB and FRB stock(1)  5,564   5,497   5,444   5,393   5,307 Liquidity management assets(2) $125,642  $128,886  $127,612  $118,719  $114,958 Other earning assets(2)  —   —   —   —   92 Mortgage loans held-for-sale  4,615   5,607   4,757   4,872   4,246 Loans, net of unearned income(2)  799,915   824,628   834,294   800,197   770,568 Total interest income $930,172  $959,121  $966,663  $923,788  $889,864            Interest expense:          NOW and interest-bearing demand deposits $29,666  $31,681  $40,448  $37,517  $33,600 Wealth management deposits  8,941   10,011   8,415   8,182   8,606 Money market accounts  155,299   163,585   169,831   155,890   146,374 Savings accounts  30,672   34,371   38,844   37,637   35,923 Time deposits  84,609   92,530   98,308   94,244   95,730 Interest-bearing deposits $309,187  $332,178  $355,846  $333,470  $320,233 FHLB advances(1)  27,701   26,408   26,007   25,724   25,441 Other borrowings  4,026   5,956   6,887   6,957   6,792 Subordinated notes  3,719   3,737   3,717   3,735   3,714 Junior subordinated debentures  3,903   4,173   4,367   4,328   4,311 Total interest expense $348,536  $372,452  $396,824  $374,214  $360,491            Less: Fully taxable-equivalent adjustment  (2,612)  (2,795)  (2,829)  (2,880)  (2,899)Net interest income (GAAP)(3)  579,024   583,874   567,010   546,694   526,474 Fully taxable-equivalent adjustment  2,612   2,795   2,829   2,880   2,899 Net interest income, fully taxable-equivalent (non-GAAP)(3) $581,636  $586,669  $569,839  $549,574  $529,373  (1) Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”)
(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.
(3) See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.

TABLE 6: QUARTERLY NET INTEREST MARGIN

  Net Interest Margin for three months ended,  Mar 31,
2026 Dec 31,
2025 Sep 30,
2025 Jun 30,
2025 Mar 31,
2025Yield earned on:          Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents 3.47% 3.81% 4.25% 4.19% 4.26%Investment securities 3.85  3.78  3.68  3.59  3.51 FHLB and FRB stock(1) 7.73  7.66  7.65  7.67  7.64 Liquidity management assets 3.87% 3.87% 3.91% 3.84% 3.82%Other earning assets —  —  —  —  2.84 Mortgage loans held-for-sale 5.90  6.22  6.39  6.29  6.01 Loans, net of unearned income 6.14  6.27  6.44  6.48  6.53 Total earning assets 5.69% 5.79% 5.93% 5.96% 5.98%           Rate paid on:          NOW and interest-bearing demand deposits 1.98% 2.05% 2.40% 2.34% 2.25%Wealth management deposits 1.95  2.06  2.08  2.11  2.22 Money market accounts 2.98  3.17  3.47  3.44  3.38 Savings accounts 1.80  2.00  2.29  2.29  2.25 Time deposits 3.51  3.65  3.78  3.84  4.13 Interest-bearing deposits 2.74% 2.90% 3.15% 3.14% 3.16%FHLB advances 3.26  3.27  3.27  3.27  3.27 Other borrowings 3.69  4.32  4.44  4.70  4.73 Subordinated notes 5.05  4.97  4.94  5.02  5.05 Junior subordinated debentures 6.24  6.53  6.83  6.85  6.90 Total interest-bearing liabilities 2.81% 2.97% 3.21% 3.20% 3.22%           Interest rate spread(2) (3) 2.88% 2.82% 2.72% 2.76% 2.76%Less: Fully taxable-equivalent adjustment (0.02) (0.02) (0.02) (0.02) (0.02)Net free funds/contribution(4) 0.68  0.72  0.78  0.78  0.80 Net interest margin (GAAP)(3) 3.54% 3.52% 3.48% 3.52% 3.54%Fully taxable-equivalent adjustment 0.02  0.02  0.02  0.02  0.02 Net interest margin, fully taxable-equivalent (non-GAAP)(3) 3.56% 3.54% 3.50% 3.54% 3.56% (1) Federal Home Loan Bank (“FHLB”) and Federal Reserve Bank (“FRB”)
(2) Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.
(3) See Table 17: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
(4) 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.

TABLE 7: INTEREST RATE SENSITIVITY

As an ongoing part of its financial strategy, the Company attempts to manage the impact of fluctuations in market interest rates on net interest income. Management measures its exposure to changes in interest rates by modeling many different interest rate scenarios.

The following interest rate scenarios display the percentage change in net interest income over a one-year time horizon assuming increases and decreases of 100 and 200 basis points as compared to projected net interest income in a scenario with no assumed rate changes. The Static Shock Scenario results incorporate actual cash flows and repricing characteristics for balance sheet instruments following an instantaneous, parallel change in market rates based upon a static (i.e. no growth or constant) balance sheet. Conversely, the Ramp Scenario results incorporate management’s projections of future volume and pricing of each of the product lines following a gradual, parallel change in market rates over twelve months. Actual results may differ from these simulated results due to timing, magnitude, and frequency of interest rate changes as well as changes in market conditions and management strategies. The interest rate sensitivity for both the Static Shock and Ramp Scenario is as follows:

Static Shock Scenario +200 Basis Points +100 Basis Points -100 Basis Points -200 Basis PointsMar 31, 2026 (0.8)% (0.1)% (1.0)% (1.9)%Dec 31, 2025 (1.6) (0.5) (0.5) (0.8)Sep 30, 2025 (2.3) (0.8) 0.0  (0.4)Jun 30, 2025 (1.5) (0.4) (0.2) (1.2)Mar 31, 2025 (1.8) (0.6) (0.2) (1.2) Ramp Scenario+200 Basis Points +100 Basis Points -100 Basis Points -200 Basis PointsMar 31, 2026(0.1)% 0.0% (0.1)% (0.3)%Dec 31, 2025(0.0) 0.1  (0.1) (0.2)Sep 30, 2025(0.2) (0.1) 0.1  (0.1)Jun 30, 20250.0  0.0  (0.1) (0.4)Mar 31, 20250.2  0.2  (0.1) (0.5)
As shown above, the magnitude of potential changes in net interest income in various interest rate scenarios has continued to remain relatively neutral. Management has taken action to reposition its sensitivity to interest rates to stabilize net interest margin following the rise in short term interest rates in 2022 and 2023. To this end, management has executed various derivative instruments including collars, floors and receive-fixed swaps to hedge variable-rate loan exposures. The Company will continue to monitor current and projected interest rates and may execute additional derivatives to mitigate potential fluctuations in the net interest margin in future periods.

TABLE 8: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES

 Loans repricing or contractual maturity periodAs of March 31, 2026One year or
less
 From one to
five years
 From five to
fifteen years
 After fifteen
years
 Total
(In thousands)    Commercial         Fixed rate$521,142  $4,062,342 $2,182,827 $19,916 $6,786,227Variable rate 10,975,702   1,292  —  —  10,976,994Total commercial$11,496,844  $4,063,634 $2,182,827 $19,916 $17,763,221Commercial real estate         Fixed rate$860,484  $2,648,718 $345,954 $71,217 $3,926,373Variable rate 10,225,429   10,419  65  —  10,235,913Total commercial real estate$11,085,913  $2,659,137 $346,019 $71,217 $14,162,286Home equity         Fixed rate$9,160  $1,141 $— $8 $10,309Variable rate 460,955   —  —  —  460,955Total home equity$470,115  $1,141 $— $8 $471,264Residential real estate         Fixed rate$20,050  $4,549 $68,021 $1,052,334 $1,144,954Variable rate 126,191   776,281  2,417,740  —  3,320,212Total residential real estate$146,241  $780,830 $2,485,761 $1,052,334 $4,465,166Premium finance receivables - property & casualty         Fixed rate$7,762,445  $127,886 $— $— $7,890,331Variable rate —   —  —  —  —Total premium finance receivables - property & casualty$7,762,445  $127,886 $— $— $7,890,331Premium finance receivables - life insurance         Fixed rate$55,951  $88,566 $— $— $144,517Variable rate 9,051,865   —  —  —  9,051,865Total premium finance receivables - life insurance$9,107,816  $88,566 $— $— $9,196,382Consumer and other         Fixed rate$29,654  $8,473 $857 $842 $39,826Variable rate 82,816   —  —  —  82,816Total consumer and other$112,470  $8,473 $857 $842 $122,642          Total per category         Fixed rate$9,258,886  $6,941,675 $2,597,659 $1,144,317 $19,942,537Variable rate 30,922,958   787,992  2,417,805  —  34,128,755Total loans, net of unearned income$40,181,844  $7,729,667 $5,015,464 $1,144,317 $54,071,292Less: Existing cash flow hedging derivatives(1) (5,900,000)        Total loans repricing or maturing in one year or less, adjusted for cash flow hedging activity$34,281,844                   Variable Rate Loan Pricing by Index:         SOFR tenors(2)        $22,224,81812- month CMT(3)         7,992,586Prime         3,011,508Fed Funds         625,005Other U.S. Treasury tenors         175,047Other         99,791Total variable rate        $34,128,755 (1) Excludes cash flow hedges with future effective starting dates and those that have matured as of March 31, 2026. The $5.90 billion of cash flow hedging derivatives includes receive fixed swaps, collars and floors of which $4.95 billion were impacting the cash flows of loans indexed to one-month SOFR as of March 31, 2026.
(2) SOFR - Secured Overnight Financing Rate.
(3) CMT - Constant Maturity Treasury Rate.

Graph available at the following link: 
http://ml.globenewswire.com/Resource/Download/73886619-830d-4279-b7fe-e334db005633 

Source: Bloomberg

As noted in the table on the previous page, the majority of the Company’s portfolio is tied to SOFR and CMT indices which, as shown in the table above, do not mirror the same changes as the Prime rate, which has historically moved when the Federal Reserve raises or lowers interest rates. Specifically, the Company has variable rate loans of $19.5 billion tied to one-month SOFR and $8.0 billion tied to twelve-month CMT. The above chart shows:

  Basis Point (bp) Change in  1-month
SOFR 12- month CMT Prime First Quarter 2026 (3)bps20 bps— bpsFourth Quarter 2025 (44) (20) (50) Third Quarter 2025 (19) (28) (25) Second Quarter 2025 —  (7) —  First Quarter 2025 (1) (13) —  
TABLE 9: ALLOWANCE FOR CREDIT LOSSES

  Three Months Ended  Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(Dollars in thousands)  2026   2025   2025   2025   2025 Allowance for credit losses at beginning of period $460,465  $454,586  $457,461  $448,387  $437,060 Provision for credit losses - Other  29,594   27,588   21,768   22,234   23,963 Other adjustments  (50)  71   (88)  180   4 Charge-offs:          Commercial  8,428   12,894   21,597   6,148   9,722 Commercial real estate  7,260   5,625   144   5,711   454 Home equity  —   —   27   111   — Residential real estate  350   —   26   —   — Premium finance receivables - property & casualty  7,431   8,354   6,860   6,346   7,114 Premium finance receivables - life insurance  —   —   18   —   12 Consumer and other  180   203   174   179   147 Total charge-offs  23,649   27,076   28,846   18,495   17,449 Recoveries:          Commercial  1,419   956   1,449   1,746   929 Commercial real estate  6   4   241   10   12 Home equity  303   28   104   30   216 Residential real estate  1   1   1   2   136 Premium finance receivables - property & casualty  3,437   4,275   2,459   3,335   3,487 Premium finance receivables - life insurance  —   —   —   —   — Consumer and other  65   32   37   32   29 Total recoveries  5,231   5,296   4,291   5,155   4,809 Net charge-offs  (18,418)  (21,780)  (24,555)  (13,340)  (12,640)Allowance for credit losses at period end $471,591  $460,465  $454,586  $457,461  $448,387            Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average:Commercial  0.17%  0.29%  0.49%  0.11%  0.23%Commercial real estate  0.21   0.16   (0.00)  0.17   0.01 Home equity  (0.26)  (0.02)  (0.06)  0.07   (0.20)Residential real estate  0.03   (0.00)  0.00   (0.00)  (0.02)Premium finance receivables - property & casualty  0.20   0.20   0.20   0.16   0.20 Premium finance receivables - life insurance  —   —   0.00   —   0.00 Consumer and other  0.35   0.47   0.40   0.44   0.45 Total loans, net of unearned income  0.14%  0.17%  0.19%  0.11%  0.11%           Loans at period end $54,071,292  $53,105,101  $52,063,482  $51,041,679  $48,708,390 Allowance for loan losses as a percentage of loans at period end  0.72%  0.71%  0.74%  0.77%  0.78%Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end  0.87   0.87   0.87   0.90   0.92  PCD - Purchase Credit Deteriorated

TABLE 10: ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT

  Three Months Ended  Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(In thousands)  2026   2025   2025   2025   2025 Provision for loan losses - Other $29,836  $14,369  $19,610  $26,607  $26,826 Provision for unfunded lending-related commitments losses - Other  (239)  13,354   2,160   (4,325)  (2,852)Provision for held-to-maturity securities losses  (3)  (135)  (2)  (48)  (11)Provision for credit losses $29,594  $27,588  $21,768  $22,234  $23,963            Allowance for loan losses $390,651  $379,283  $386,622  $391,654  $378,207 Allowance for unfunded lending-related commitments losses  80,683   80,922   67,569   65,409   69,734 Allowance for loan losses and unfunded lending-related commitments losses  471,334   460,205   454,191   457,063   447,941 Allowance for held-to-maturity securities losses  257   260   395   398   446 Allowance for credit losses $471,591  $460,465  $454,586  $457,461  $448,387  PCD - Purchase Credit Deteriorated        

TABLE 11: 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 loan portfolios as well as core and niche portfolios, as of March 31, 2026, December 31, 2025 and September 30, 2025.

 As of Mar 31, 2026As of Dec 31, 2025As of Sep 30, 2025(Dollars in thousands)Recorded
Investment Calculated
Allowance % of its
category’s balanceRecorded
Investment Calculated
Allowance % of its
category’s balanceRecorded
Investment Calculated
Allowance % of its
category’s balanceCommercial$17,763,221 $210,959 1.19%$17,044,686 $178,545 1.05%$16,544,342 $189,476 1.15%Commercial real estate:               Construction and development 2,323,942  74,092 3.19  2,409,582  93,106 3.86  2,658,153  78,765 2.96 Non-construction 11,838,344  150,778 1.27  11,531,154  153,827 1.33  10,961,054  151,712 1.38 Total commercial real estate$14,162,286 $224,870 1.59%$13,940,736 $246,933 1.77%$13,619,207 $230,477 1.69%Total commercial and commercial real estate$31,925,507 $435,829 1.37%$30,985,422 $425,478 1.37%$30,163,549 $419,953 1.39%Home equity 471,264  10,213 2.17  480,525  10,402 2.16  484,202  9,229 1.91 Residential real estate 4,465,166  13,081 0.29  4,317,232  12,519 0.29  4,143,870  12,013 0.29 Premium finance receivables - property & casualty 7,890,331  10,591 0.13  8,183,416  10,226 0.12  8,366,292  11,187 0.13 Premium finance receivables - life insurance 9,196,382  800 0.01  9,023,642  785 0.01  8,758,553  762 0.01 Consumer and other 122,642  820 0.67  114,864  795 0.69  147,016  1,047 0.71 Total loans, net of unearned income$54,071,292 $471,334 0.87%$53,105,101 $460,205 0.87%$52,063,482 $454,191 0.87%                Total core loans(1)$32,118,691 $408,892 1.27%$31,309,210 $412,714 1.32%$30,610,433 $408,780 1.34%Total niche loans(1) 21,952,601  62,442 0.28  21,795,891  47,491 0.22  21,453,049  45,411 0.21  (1)   See Table 1 for additional detail on core and niche loans.

TABLE 12: LOAN PORTFOLIO AGING

(In thousands) Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025Loan Balances:          Commercial          Nonaccrual $87,750 $78,059 $66,577 $80,877 $70,56090+ days and still accruing  —  —  —  —  4660-89 days past due  9,996  22,952  12,190  34,855  15,24330-59 days past due  90,389  90,205  36,136  45,103  97,397Current  17,575,086  16,853,470  16,429,439  16,226,596  15,748,080Total commercial $17,763,221 $17,044,686 $16,544,342 $16,387,431 $15,931,326Commercial real estate          Nonaccrual $16,757 $25,147 $28,202 $32,828 $26,18790+ days and still accruing  —  —  —  —  —60-89 days past due  17,133  19,529  14,119  11,257  6,99530-59 days past due  54,143  65,601  83,055  51,173  83,653Current  14,074,253  13,830,459  13,493,831  13,196,752  12,798,066Total commercial real estate $14,162,286 $13,940,736 $13,619,207 $13,292,010 $12,914,901Home equity          Nonaccrual $1,142 $1,221 $1,295 $1,780 $2,07090+ days and still accruing  —  —  —  —  —60-89 days past due  463  1,112  246  138  98430-59 days past due  2,012  2,818  2,294  2,971  3,403Current  467,647  475,374  480,367  461,926  449,226Total home equity $471,264 $480,525 $484,202 $466,815 $455,683Residential real estate          Early buy-out loans guaranteed by U.S. government agencies(1) $145,225 $145,793 $124,824 $134,067 $123,742Nonaccrual  27,360  32,862  28,942  28,047  22,52290+ days and still accruing  —  —  —  —  —60-89 days past due  129  7,562  8,829  8,954  1,35130-59 days past due  30,854  24,908  95  38  38,943Current  4,261,598  4,106,107  3,981,180  3,777,676  3,498,601Total residential real estate $4,465,166 $4,317,232 $4,143,870 $3,948,782 $3,685,159Premium finance receivables - property & casualty          Nonaccrual $33,891 $29,354 $24,512 $30,404 $29,84690+ days and still accruing  15,823  19,115  13,006  14,350  18,08160-89 days past due  16,188  29,294  23,527  25,641  19,71730-59 days past due  47,936  57,685  38,133  29,460  39,459Current  7,776,493  8,047,968  8,267,114  8,223,321  7,132,759Total Premium finance receivables - property & casualty $7,890,331 $8,183,416 $8,366,292 $8,323,176 $7,239,862Premium finance receivables - life insurance          Nonaccrual $— $— $— $— $—90+ days and still accruing  —  —  —  327  2,96260-89 days past due  22,690  13,887  34,016  11,202  10,58730-59 days past due  58,760  22,806  34,506  34,403  29,924Current  9,114,932  8,986,949  8,690,031  8,461,028  8,321,667Total Premium finance receivables - life insurance $9,196,382 $9,023,642 $8,758,553 $8,506,960 $8,365,140Consumer and other          Nonaccrual $16 $8 $38 $41 $1890+ days and still accruing  10  42  60  184  9860-89 days past due  130  466  49  61  16230-59 days past due  230  643  159  175  542Current  122,256  113,705  146,710  116,044  115,499Total consumer and other $122,642 $114,864 $147,016 $116,505 $116,319Total loans, net of unearned income          Early buy-out loans guaranteed by U.S. government agencies(1) $145,225 $145,793 $124,824 $134,067 $123,742Nonaccrual  166,916  166,651  149,566  173,977  151,20390+ days and still accruing  15,833  19,157  13,066  14,861  21,18760-89 days past due  66,729  94,802  92,976  92,108  55,03930-59 days past due  284,324  264,666  194,378  163,323  293,321Current  53,392,265  52,414,032  51,488,672  50,463,343  48,063,898Total loans, net of unearned income $54,071,292 $53,105,101 $52,063,482 $51,041,679 $48,708,390 (1) Early buy-out loans are insured or guaranteed by the Federal Housing Administration or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans.

TABLE 13: NON-PERFORMING ASSETS (1)

 Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(Dollars in thousands) 2026   2025   2025   2025   2025 Loans past due greater than 90 days and still accruing:         Commercial$—  $—  $—  $—  $46 Commercial real estate —   —   —   —   — Home equity —   —   —   —   — Residential real estate —   —   —   —   — Premium finance receivables - property & casualty 15,823   19,115   13,006   14,350   18,081 Premium finance receivables - life insurance —   —   —   327   2,962 Consumer and other 10   42   60   184   98 Total loans past due greater than 90 days and still accruing 15,833   19,157   13,066   14,861   21,187 Non-accrual loans:         Commercial 87,750   78,059   66,577   80,877   70,560 Commercial real estate 16,757   25,147   28,202   32,828   26,187 Home equity 1,142   1,221   1,295   1,780   2,070 Residential real estate 27,360   32,862   28,942   28,047   22,522 Premium finance receivables - property & casualty 33,891   29,354   24,512   30,404   29,846 Premium finance receivables - life insurance —   —   —   —   — Consumer and other 16   8   38   41   18 Total non-accrual loans 166,916   166,651   149,566   173,977   151,203 Total non-performing loans:         Commercial 87,750   78,059   66,577   80,877   70,606 Commercial real estate 16,757   25,147   28,202   32,828   26,187 Home equity 1,142   1,221   1,295   1,780   2,070 Residential real estate 27,360   32,862   28,942   28,047   22,522 Premium finance receivables - property & casualty 49,714   48,469   37,518   44,754   47,927 Premium finance receivables - life insurance —   —   —   327   2,962 Consumer and other 26   50   98   225   116 Total non-performing loans$182,749  $185,808  $162,632  $188,838  $172,390 Other real estate owned 17,439   20,839   24,832   23,615   22,625 Total non-performing assets$200,188  $206,647  $187,464  $212,453  $195,015 Total non-performing loans by category as a percent of its own respective category’s period-end balance:         Commercial 0.49%  0.46%  0.40%  0.49%  0.44%Commercial real estate 0.12   0.18   0.21   0.25   0.20 Home equity 0.24   0.25   0.27   0.38   0.45 Residential real estate 0.61   0.76   0.70   0.71   0.61 Premium finance receivables - property & casualty 0.63   0.59   0.45   0.54   0.66 Premium finance receivables - life insurance —   —   —   0.00   0.04 Consumer and other 0.02   0.04   0.07   0.19   0.10 Total loans, net of unearned income 0.34%  0.35%  0.31%  0.37%  0.35%Total non-performing assets as a percentage of total assets 0.28%  0.29%  0.27%  0.31%  0.30%Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans 282.38%  276.15%  303.67%  262.71%  296.25%           (1) Excludes early buy-out loans guaranteed by U.S. government agencies. Early buy-out loans are insured or guaranteed by the Federal Housing Administration or the U.S. Department of Veterans Affairs, subject to indemnifications and insurance limits for certain loans.

Non-performing Loans Rollforward, excluding early buy-out loans guaranteed by U.S. government agencies

 Three Months Ended Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(In thousands) 2026   2025   2025   2025   2025 Balance at beginning of period$185,808  $162,632  $188,838  $172,390  $170,823 Additions from becoming non-performing in the respective period 24,969   46,198   34,805   48,651   27,721 Return to performing status (3,663)  (2,937)  (3,399)  (6,896)  (1,207)Payments received (13,780)  (13,734)  (28,052)  (5,602)  (15,965)Transfer to OREO or other assets (868)  (286)  (348)  (2,247)  — Charge-offs, net (10,930)  (16,998)  (21,526)  (11,734)  (8,600)Net change for premium finance receivables 1,213   10,933   (7,686)  (5,724)  (382)Balance at end of period$182,749  $185,808  $162,632  $188,838  $172,390 
Other Real Estate Owned

 Three Months Ended Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(In thousands) 2026   2025   2025  2025   2025 Balance at beginning of period$20,839  $24,832  $23,615 $22,625  $23,116 Disposals/resolved (4,760)  (2,141)  —  —   — Transfers in at fair value, less costs to sell 1,360   —   1,217  1,315   — Fair value adjustments —   (1,852)  —  (325)  (491)Balance at end of period$17,439  $20,839  $24,832 $23,615  $22,625            Period End(In thousands)Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,Balance by Property Type: 2026   2025   2025  2025   2025 Residential real estate$—  $—  $— $—  $— Commercial real estate 17,439   20,839   24,832  23,615   22,625 Total$17,439  $20,839  $24,832 $23,615  $22,625 
TABLE 14: NON-INTEREST INCOME

 Three Months EndedQ1 2026 compared to
Q4 2025
Q1 2026 compared to
Q1 2025 Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(Dollars in thousands) 2026   2025   2025   2025  2025 $ Change % Change$ Change % ChangeBrokerage$5,301  $5,384  $4,426  $4,212 $4,757 $(83) (2)%$544  11%Trust and asset management 36,758   33,981   32,762   32,609  29,285  2,777  8  7,473  26 Total wealth management 42,059   39,365   37,188   36,821  34,042  2,694  7  8,017  24 Mortgage banking 23,396   22,625   24,451   23,170  20,529  771  3  2,867  14 Service charges on deposit accounts 20,970   20,402   19,825   19,502  19,362  568  3  1,608  8 (Losses) gains on investment securities, net (31)  1,505   2,972   650  3,196  (1,536) NM (3,227) NMFees from covered call options 4,669   5,992   5,619   5,624  3,446  (1,323) (22) 1,223  35 Trading gains (losses), net 10   (257)  172   151  (64) 267  NM 74  NMOperating lease income, net 19,154   16,365   15,466   15,166  15,287  2,789  17  3,867  25 Other:               Interest rate swap fees 4,041   4,664   3,909   3,010  2,269  (623) (13) 1,772  78 BOLI 948   1,915   1,591   2,257  796  (967) (50) 152  19 Administrative services 1,243   1,352   1,240   1,315  1,393  (109) (8) (150) (11)Foreign currency remeasurement (losses) gains (368)  322   (416)  658  (183) (690) NM (185) NMChanges in fair value on EBOs and loans held-for-investment (287)  (1,702)  1,452   172  383  1,415  83  (670) NMEarly pay-offs of capital leases 1,198   581   519   400  768  617  NM 430  56 Miscellaneous 17,140   17,261   16,839   15,193  15,410  (121) (1) 1,730  11 Total Other 23,915   24,393   25,134   23,005  20,836  (478) (2) 3,079  15 Total Non-Interest Income$134,142  $130,390  $130,827  $124,089 $116,634 $3,752  3%$17,508  15% NM - Not meaningful.
BOLI - Bank-owned life insurance.
EBO - Early buy-out.

TABLE 15: MORTGAGE BANKING

 Three Months Ended(Dollars in thousands)Mar 31,
2026 Dec 31,
2025 Sep 30,
2025 Jun 30,
2025 Mar 31,
2025Originations:         Retail originations$441,749  $589,139  $505,793  $523,759  $348,468 Veterans First originations 152,244   208,054   137,600   157,787   111,985 Total originations for sale (A)$593,993  $797,193  $643,393  $681,546  $460,453 Originations for investment 371,540   364,988   351,012   422,926   217,177 Total originations$965,533  $1,162,181  $994,405  $1,104,472  $677,630 As a percentage of originations for sale:         Retail originations 74%  74%  79%  77%  76%Veterans First originations 26   26   21   23   24 Purchases 52%  52%  77%  74%  77%Refinances 48   48   23   26   23 Production Margin:         Production revenue (B)(1)$13,028  $10,878  $15,388  $13,380  $9,941 Total originations for sale (A)$593,993  $797,193  $643,393  $681,546  $460,453 Add: Current period end mandatory interest rate lock commitments to fund originations for sale(2) 218,156   122,804   307,932   163,664   197,297 Less: Prior period end mandatory interest rate lock commitments to fund originations for sale(2) 122,804   307,932   163,664   197,297   103,946 Total mortgage production volume (C)$689,345  $612,065  $787,661  $647,913  $553,804 Production margin (B / C) 1.89%  1.78%  1.95%  2.07%  1.80%Mortgage Servicing:         Loans serviced for others (D)$12,534,513  $12,608,694  $12,524,131  $12,470,924  $12,402,352 Mortgage Servicing Rights (“MSR”), at fair value (E) 195,276   195,023   190,938   193,061   196,307 Percentage of MSRs to loans serviced for others (E / D) 1.56%  1.55%  1.52%  1.55%  1.58%Servicing income$10,353  $10,185  $10,112  $10,520  $10,611 MSR Fair Value Asset Activity         MSR - FV at Beginning of Period$195,023  $190,938  $193,061  $196,307  $203,788 MSR - current period capitalization 6,434   9,150   5,829   6,336   4,669 MSR - collection of expected cash flows - paydowns (1,620)  (1,550)  (1,554)  (1,516)  (1,590)MSR - collection of expected cash flows - payoffs and repurchases (5,021)  (6,250)  (4,050)  (4,100)  (3,046)MSR - changes in fair value model assumptions 460   2,735   (2,348)  (3,966)  (7,514)MSR Fair Value at end of period$195,276  $195,023  $190,938  $193,061  $196,307 Summary of Mortgage Banking Revenue:         Operational:         Production revenue(1)$13,028  $10,878  $15,388  $13,380  $9,941 MSR - Current period capitalization 6,434   9,150   5,829   6,336   4,669 MSR - Collection of expected cash flows - paydowns (1,620)  (1,550)  (1,554)  (1,516)  (1,590)MSR - Collection of expected cash flows - payoffs and repurchases (5,021)  (6,250)  (4,050)  (4,100)  (3,046)Servicing Income 10,353   10,185   10,112   10,520   10,611 Other Revenue (45)  (17)  (345)  (79)  (172)Total operational mortgage banking revenue$23,129  $22,396  $25,380  $24,541  $20,413 Fair Value:         MSR - changes in fair value model assumptions$460  $2,735  $(2,348) $(3,966) $(7,514)(Loss) gain on derivative contract held as an economic hedge, net (900)  (2,425)  265   2,535   4,897 Changes in FV on early buy-out loans guaranteed by US Govt held-for-sale 707   (81)  1,154   60   2,733 Total fair value mortgage banking revenue$267  $229  $(929) $(1,371) $116 Total mortgage banking revenue$23,396  $22,625  $24,451  $23,170  $20,529  (1) Production revenue represents revenue earned from the origination and subsequent sale of mortgages, including gains on loans sold and fees from originations, changes in other related financial instruments carried at fair value, 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.
(2) 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.

TABLE 16: NON-INTEREST EXPENSE

 Three Months EndedQ1 2026 compared to
Q4 2025
Q1 2026 compared to
Q1 2025 Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(Dollars in thousands) 2026  2025   2025  2025  2025$ Change % Change$ Change % ChangeSalaries and employee benefits:               Salaries$129,086 $124,856  $124,623 $123,174 $123,917$4,230  3%$5,169  4%Commissions and incentive compensation 57,407  57,117   56,244  55,871  52,536 290  1  4,871  9 Benefits 41,954  40,584   38,801  40,496  35,073 1,370  3  6,881  20 Total salaries and employee benefits 228,447  222,557   219,668  219,541  211,526 5,890  3  16,921  8 Software and equipment 35,654  36,096   35,027  36,522  34,717 (442) (1) 937  3 Operating lease equipment 10,987  11,034   10,409  10,757  10,471 (47) (0) 516  5 Occupancy, net 20,566  20,105   20,809  20,228  20,778 461  2  (212) (1)Data processing 11,266  11,809   11,329  12,110  11,274 (543) (5) (8) (0)Advertising and marketing 13,218  13,792   19,027  18,761  12,272 (574) (4) 946  8 Professional fees 7,375  8,280   7,465  9,243  9,044 (905) (11) (1,669) (18)Amortization of other acquisition-related intangible assets 4,958  4,999   5,196  5,580  5,618 (41) (1) (660) (12)FDIC insurance 10,990  11,061   11,418  10,971  10,926 (71) (1) 64  1 FDIC insurance - special assessment —  (499)  —  —  — 499  (100) —  — OREO expense, net 207  2,162   262  505  643 (1,955) (90) (436) (68)Other:               Lending expenses, net of deferred origination costs 6,510  6,367   6,169  4,869  5,866 143  2  644  11 Travel and entertainment 5,426  7,965   6,029  6,026  5,270 (2,539) (32) 156  3 Miscellaneous 27,028  28,725   27,220  26,348  27,685 (1,697) (6) (657) (2)Total other 38,964  43,057   39,418  37,243  38,821 (4,093) (10) 143  0 Total Non-Interest Expense$382,632 $384,453  $380,028 $381,461 $366,090$(1,821) (0)%$16,542  5% NM - Not meaningful.

TABLE 17: SUPPLEMENTAL NON-GAAP FINANCIAL MEASURES/RATIOS

The accounting and reporting policies of Wintrust conform to generally accepted accounting principles (“GAAP”) in the United States and prevailing practices in the banking industry. However, certain non-GAAP performance measures and ratios are used by management to evaluate and measure the Company’s performance. These include taxable-equivalent net interest income (including its individual components), taxable-equivalent net interest margin (including its individual components), the taxable-equivalent efficiency ratio, tangible common equity ratio, tangible book value per common share, return on average tangible common equity, and pre-tax income, excluding provision for credit losses. Management believes that these measures and ratios provide users of the Company’s financial information a more meaningful view of the performance of the Company’s interest-earning assets and interest-bearing liabilities and of the Company’s operating efficiency. Other financial holding companies may define or calculate these measures and ratios differently.

Management reviews yields on certain asset categories and the net interest margin of the Company and its banking subsidiaries on a fully taxable-equivalent basis (“FTE”). In this non-GAAP presentation, net interest income is adjusted to reflect tax-exempt interest income on an equivalent before-tax basis using tax rates effective as of the end of the period. This measure ensures comparability of net interest income arising from both taxable and tax-exempt sources. Net interest income on a FTE basis is also used in the calculation of the Company’s efficiency ratio. The efficiency ratio, which is calculated by dividing non-interest expense by total taxable-equivalent net revenue (less securities gains or losses), measures how much it costs to produce one dollar of revenue. Securities gains or losses are excluded from this calculation to better match revenue from daily operations to operational expenses. Management considers the tangible common equity ratio and tangible book value per common share as useful measurements of the Company’s equity. The Company references the return on average tangible common equity as a measurement of profitability. Management considers pre-tax income, excluding provision for credit losses, as a useful measurement of the Company’s core net income.

 Three Months Ended Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(Dollars and shares in thousands) 2026   2025   2025   2025   2025 Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:(A) Interest Income (GAAP)$927,560  $956,326  $963,834  $920,908  $886,965 Taxable-equivalent adjustment:         - Loans 2,026   2,134   2,154   2,200   2,206 - Liquidity Management Assets 586   661   675   680   690 - Other Earning Assets —   —   —   —   3 (B) Interest Income (non-GAAP)$930,172  $959,121  $966,663  $923,788  $889,864 (C) Interest Expense (GAAP) 348,536   372,452   396,824   374,214   360,491 (D) Net Interest Income (GAAP) (A minus C) 579,024   583,874   567,010   546,694   526,474 (E) Net Interest Income (non-GAAP) (B minus C) 581,636   586,669   569,839   549,574   529,373 Net interest margin (GAAP) 3.54%  3.52%  3.48%  3.52%  3.54%Net interest margin, fully taxable-equivalent (non-GAAP) 3.56   3.54   3.50   3.54   3.56 (F) Non-interest income$134,142  $130,390  $130,827  $124,089  $116,634 (G) (Losses) gains on investment securities, net (31)  1,505   2,972   650   3,196 (H) Non-interest expense 382,632   384,453   380,028   381,461   366,090 Efficiency ratio (H/(D+F-G)) 53.65%  53.94%  54.69%  56.92%  57.21%Efficiency ratio (non-GAAP) (H/(E+F-G)) 53.45   53.73   54.47   56.68   56.95  Three Months Ended Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(Dollars and shares in thousands) 2026   2025   2025   2025   2025 Reconciliation of Non-GAAP Tangible Common Equity Ratio:Total shareholders’ equity (GAAP)$7,378,100  $7,258,715  $7,045,757  $7,225,696  $6,600,537 Less: Non-convertible preferred stock (GAAP) (425,000)  (425,000)  (425,000)  (837,500)  (412,500)Less: Acquisition-related intangible assets (GAAP) (890,698)  (895,959)  (902,936)  (908,639)  (913,004)(I) Total tangible common shareholders’ equity (non-GAAP)$6,062,402  $5,937,756  $5,717,821  $5,479,557  $5,275,033 (J) Total assets (GAAP)$72,157,433  $71,142,046  $69,629,638  $68,983,318  $65,870,066 Less: Acquisition-related intangible assets (GAAP) (890,698)  (895,959)  (902,936)  (908,639)  (913,004)(K) Total tangible assets (non-GAAP)$71,266,735  $70,246,087  $68,726,702  $68,074,679  $64,957,062 Common equity to assets ratio (GAAP) (L/J) 9.6%  9.6%  9.5%  9.3%  9.4%Tangible common equity ratio (non-GAAP) (I/K) 8.5   8.5   8.3   8.0   8.1  Reconciliation of Non-GAAP Tangible Book Value per Common Share:Total shareholders’ equity$7,378,100  $7,258,715  $7,045,757  $7,225,696  $6,600,537 Less: Non-convertible preferred stock (GAAP) (425,000)  (425,000)  (425,000)  (837,500)  (412,500)(L) Total common equity$6,953,100  $6,833,715  $6,620,757  $6,388,196  $6,188,037 (M) Actual common shares outstanding 67,437   66,975   66,961   66,938   66,919 Book value per common share (L/M)$103.10  $102.03  $98.87  $95.43  $92.47 Tangible book value per common share (non-GAAP) (I/M) 89.90   88.66   85.39   81.86   78.83           Reconciliation of Non-GAAP Return on Average Tangible Common Equity:(N) Net income applicable to common shares$219,021  $214,657  $188,913  $188,536  $182,048 Add: Acquisition-related intangible asset amortization 4,958   4,999   5,196   5,580   5,618 Less: Tax effect of acquisition-related intangible asset amortization (1,210)  (1,310)  (1,403)  (1,495)  (1,421)After-tax Acquisition-related intangible asset amortization$3,748  $3,689  $3,793  $4,085  $4,197 (O) Tangible net income applicable to common shares (non-GAAP)$222,769  $218,346  $192,706  $192,621  $186,245 Total average shareholders’ equity$7,387,713  $7,166,608  $6,955,543  $6,862,040  $6,460,941 Less: Average preferred stock (425,000)  (425,000)  (483,288)  (599,313)  (412,500)(P) Total average common shareholders’ equity$6,962,713  $6,741,608  $6,472,255  $6,262,727  $6,048,441 Less: Average acquisition-related intangible assets (894,211)  (901,022)  (906,032)  (910,924)  (916,069)(Q) Total average tangible common shareholders’ equity (non-GAAP)$6,068,502  $5,840,586  $5,566,223  $5,351,803  $5,132,372 Return on average common equity, annualized (N/P) 12.76%  12.63%  11.58%  12.07%  12.21%Return on average tangible common equity, annualized (non-GAAP) (O/Q) 14.89   14.83   13.74   14.44   14.72           Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income:  Income before taxes$300,940  $302,223  $296,041  $267,088  $253,055 Add: Provision for credit losses 29,594   27,588   21,768   22,234   23,963 Pre-tax income, excluding provision for credit losses (non-GAAP)$330,534  $329,811  $317,809  $289,322  $277,018   Three Months Ended Mar 31, Dec 31, Sep 30, Jun 30, Mar 31,(Dollars and shares in thousands, except per share data) 2026  2025  2025  2025  2025Reconciliation of Non-GAAP Net Income per Common Share:  Net income$        227,388         $        223,024         $        216,254         $        195,527         $        189,039        Preferred stock dividends         8,367                  8,367                  13,295                  6,991                  6,991        Preferred stock redemption         —                  —                  14,046                  —                  —        (R) Net income applicable to common shares$        219,021         $        214,657         $        188,913         $        188,536         $        182,048        (S) Weighted average common shares outstanding         67,246                  66,970                  66,952                  66,931                  66,726        Dilutive potential common shares         851                  1,143                  1,028                  888                  923        (T) Average common shares and dilutive common shares         68,097                  68,113                  67,980                  67,819                  67,649        Net income per common share - Basic (R/S)$        3.26         $        3.21         $        2.82         $        2.82         $        2.73        Net income per common share - Diluted (R/T)$        3.22         $        3.15         $        2.78         $        2.78         $        2.69        Preferred stock series F excess one-time extended first dividend$        —         $        —         $        4,927         $        —         $        —        Preferred stock redemption         —                  —                  14,046                  —                  —        (U) Total non-recurring preferred stock offering impact (non-GAAP)$        —         $        —         $        18,973         $        —         $        —        Net income per common share - Basic (non-GAAP) (R+U)/S$        3.26         $        3.21         $        3.11         $        2.82         $        2.73        Net income per common share - Diluted (non-GAAP) (R+U)/T$        3.22         $        3.15         $        3.06         $        2.78         $        2.69        
WINTRUST SUBSIDIARIES

Wintrust is a financial holding company whose common stock is traded on the Nasdaq Global Select Market (Nasdaq: WTFC) that operates bank retail locations in the greater Chicago, southern Wisconsin, west Michigan, northwest Indiana, and southwest Florida market areas. Its 16 community bank subsidiaries are: Barrington Bank & Trust Company, N.A., Beverly Bank & Trust Company, N.A., Crystal Lake Bank & Trust Company, N.A., Hinsdale Bank & Trust Company, N.A., Lake Forest Bank & Trust Company, N.A., Libertyville Bank & Trust Company, N.A., Macatawa Bank, N.A., Northbrook Bank & Trust Company, N.A., Old Plank Trail Community Bank, N.A., Schaumburg Bank & Trust Company, N.A., St. Charles Bank & Trust Company, N.A., State Bank of The Lakes, N.A., Town Bank, N.A., Village Bank & Trust, N.A., Wheaton Bank & Trust Company, N.A., and Wintrust Bank, N.A.

Additionally, the Company operates various non-bank businesses:

FIRST Insurance Funding and Wintrust Life Finance, each a division of Lake Forest Bank & Trust Company, N.A., serve property and casualty and life insurance loan customers, respectively, throughout the United States.First Insurance Funding of Canada serves property and casualty 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.Wintrust Investments, LLC provides 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.Wintrust Private 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.
FORWARD-LOOKING STATEMENTS

This document contains forward-looking statements within the meaning of federal securities laws. Forward-looking information can be identified through the use of words such as “intend,” “plan,” “project,” “expect,” “anticipate,” “believe,” “estimate,” “contemplate,” “possible,” “will,” “may,” “should,” “would” and “could.” Forward-looking statements and information are not historical facts, are premised on many factors and assumptions, and represent only management’s expectations, estimates and projections regarding future events. Similarly, these statements are not guarantees of future performance and involve certain risks and uncertainties that are difficult to predict, and which may include, but are not limited to, those listed below and the Risk Factors discussed under Item 1A of the Company’s 2025 Annual Report on Form 10-K and in any of the Company’s subsequent SEC filings. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of invoking these safe harbor provisions. Such forward-looking statements may be deemed to include, among other things, statements relating to the Company’s future financial performance, the performance of its loan portfolio, the expected amount of future credit reserves and charge-offs, delinquency trends, growth plans, regulatory developments, securities that the Company may offer from time to time, and management’s long-term performance goals, as well as statements relating to the anticipated effects on the Company’s financial condition and results of operations from expected developments or events, the Company’s business and growth strategies, including future acquisitions of banks, specialty finance or wealth management businesses, internal growth and plans to form additional de novo banks or branch offices. Actual results could differ materially from those addressed in the forward-looking statements as a result of numerous factors, including the following:

economic conditions and events 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, including an actual or threatened U.S. government shutdown, debt default or rating downgrade, particularly in the markets in which it operates;negative effects suffered by us or our customers resulting from changes in U.S. or international 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, southern Wisconsin and west Michigan;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 that may affect, among other things, the Company’s liquidity and the value of its assets and liabilities;the interest rate environment, including a prolonged period of low interest rates or rising 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 losses, difficulties or developments related to 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 and similar events or data corruption attempts and identity theft;adverse effects on our information technology systems, or those of third parties, resulting from failures, human error or cyberattacks (including ransomware);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 and the impact of recent failures of financial institutions, including broader financial institution liquidity risk and concerns;the expenses and delayed returns inherent in opening new branches and de novo banks;liabilities, potential customer loss or reputational harm related to closings of existing branches;examinations and challenges by tax authorities, and any unanticipated impact of tax legislation;changes in accounting standards, rules and interpretations, and the impact on the Company’s financial statements;the ability of the Company to receive dividends from its subsidiaries;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;changes in laws, regulations, rules, standards and contractual obligations regarding data privacy and cybersecurity;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 persistent inflation 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;fluctuations in the stock market, which may have an adverse impact on the Company’s wealth management business and brokerage operation; andwidespread outages of operational, communication, or other systems, whether internal or provided by third parties, natural or other disasters (including acts of terrorism, armed hostilities and pandemics), and the effects of climate change.
Therefore, there can be no assurances that future actual results will correspond to these forward-looking statements. The reader is cautioned not to place undue reliance on any forward-looking statement made by the Company. Any such statement speaks only as of the date the statement was made or as of such date that may be referenced within the statement. The Company undertakes no obligation to update any forward-looking statement to reflect the impact of circumstances or events after the date of the press release. Persons are advised, however, to consult further disclosures management makes on related subjects in its reports filed with the Securities and Exchange Commission and in its press releases.

CONFERENCE CALL, WEBCAST AND REPLAY

The Company will hold a conference call on Tuesday, April 21, 2026 at 10:00 a.m. (CDT) regarding first quarter 2026 earnings results. Individuals interested in participating in the call by addressing questions to management should register for the call to receive the dial-in numbers and unique PIN at the Conference Call Link included within the Company’s press release dated March 18, 2026 available at the Investor Relations, Investor News and Events, Press Releases link on its website at https://www.wintrust.com. A separate simultaneous audio-only webcast link is included within the press release referenced above. Registration for and a replay of the audio-only webcast with an accompanying slide presentation will be available at https://www.wintrust.com, Investor Relations, Investor News and Events, Presentations & Conference Calls. The text of the first quarter 2026 earnings press release will also be available on the home page of the Company’s website at https://www.wintrust.com and at the Investor Relations, Investor News and Events, Press Releases link on its website.

FOR MORE INFORMATION CONTACT:
David A. Dykstra, Vice Chairman & Chief Operating Officer
(847) 939-9000
Amy Yuhn, Executive Vice President, Communications
(847) 939-9591
Web site address: www.wintrust.com

Wintrust Financial (WTFC - Free Report) reported $713.17 million in revenue for the quarter ended March 2026, representing a year-over-year increase of 10.9%. EPS of $3.22 for the same period compares to $2.69 a year ago.

The reported revenue represents a surprise of +1.66% over the Zacks Consensus Estimate of $701.55 million. With the consensus EPS estimate being $2.96, the EPS surprise was +8.69%.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Wintrust performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Net Interest Margin: 3.5% compared to the 3.5% average estimate based on two analysts.Efficiency Ratio: 53.7% versus the two-analyst average estimate of 55%.Net Interest Income: $579.02 million versus the two-analyst average estimate of $576.7 million.Net interest income - FTE: $581.64 million compared to the $579.56 million average estimate based on two analysts.Total Non-Interest Income: $134.14 million versus the two-analyst average estimate of $124.86 million.View all Key Company Metrics for Wintrust here>>>

Shares of Wintrust have returned +11.8% over the past month versus the Zacks S&P 500 composite's +6.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.

Investors might want to bet on Wintrust Financial (WTFC - Free Report) , as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.

The Zacks rating relies solely on a company's changing earnings picture. It tracks EPS estimates for the current and following years from the sell-side analysts covering the stock through a consensus measure -- the Zacks Consensus Estimate.

Individual investors often find it hard to make decisions based on rating upgrades by Wall Street analysts, since these are mostly driven by subjective factors that are hard to see and measure in real time. In these situations, the Zacks rating system comes in handy because of the power of a changing earnings picture in determining near-term stock price movements.

As such, the Zacks rating upgrade for Wintrust is essentially a positive comment on its earnings outlook that could have a favorable impact on its stock price.

Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, has proven to be strongly correlated with the near-term price movement of its stock. That's partly because of the influence of institutional investors that use earnings and earnings estimates for calculating the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their transaction of large amounts of shares then leads to price movement for the stock.

For Wintrust, rising earnings estimates and the consequent rating upgrade fundamentally mean an improvement in the company's underlying business. And investors' appreciation of this improving business trend should push the stock higher.

Harnessing the Power of Earnings Estimate RevisionsEmpirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, so it could be truly rewarding if such revisions are tracked for making an investment decision. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.

The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .

Earnings Estimate Revisions for WintrustThis bank holding company is expected to earn $13.07 per share for the fiscal year ending December 2026, which represents no year-over-year change.

Analysts have been steadily raising their estimates for Wintrust. Over the past three months, the Zacks Consensus Estimate for the company has increased 4%.

Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.

You can learn more about the Zacks Rank here >>>

The upgrade of Wintrust to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.

$3.1 million to Food Security programs $ 1.8 million to Health & Human Services $871K to Environmental programs , /PRNewswire/ -- Matson contributed a total of $8.6 million in cash and in-kind support in 2025 to 709 charitable organizations and non-profit programs across the communities it serves. 

Cash contributions, including funds directed by employees through the company's Matching Gift program, added up to $3.7 million in 2025, while the value of donated services and equipment totaled $4.9 million.

Matson ‘Aloha Class’ containership Daniel K. Inouye. (PRNewsfoto/MATSON, INC. - PR) The biggest categories of giving for the year were Food Security programs, with $3.1 million in cash and in-kind support; Health & Human Services with $1.8 million in cash and in-kind support; and Environmental programs with $871,000 in cash and in-kind support.

As part of its pandemic response plan in 2020, Matson made a multi-year commitment of $5 million in cash and in-kind services to support food bank networks in Hawaii, Alaska and Guam. In 2023, the company committed to providing another $5 million in cash and in-kind services to continue supporting community food bank networks through 2026.

In 2025, Matson contributed $5.8 million in cash, services and equipment support to organizations in Hawaii, Guam/Micronesia and the South Pacific, with the largest category of giving in Food, Agriculture & Nutrition program support at $2.6 million. The company donated $1.9 million in cash and services to organizations in Alaska, and more than $897,000 in cash donations to community organizations on the continental U.S.

Substantial contributions from donated or discounted shipping supported food banks and food security programs in Hawaii and Alaska as well as environmental and recycling programs in Alaska.

In Hawaii, Matson added 100 containers to its existing pledge of 400 containers of in‑kind shipping services annually through 2026 to help Hawaii Foodbank meet rising demand, equating to 3.5 million additional meals for Hawaii families. Matson also donated $25,000 in cash to The Food Basket, Hawaii Island's Foodbank, and $25,000 in cash to Hawaii Foodbank Kauai.

Larger contributions of in-kind services or cash in Hawaii include:

Hawaii Foodbank - $1.9M Maui Foodbank - $ 555,000 Maui Wildfire Recovery - $ 526,000 Hawaii Pacific Health - $116,000 Big Brothers Big Sisters Hawaii - $100,000 PBS Hawaii - $100,000 Children's Discovery Center - $100,000 Larger contributions of in-kind services or cash in Alaska include:

Alaskans for Litter Prevention and Recycling - $658,700 Food Bank of Alaska - $254,000 University of Alaska Foundation - $66,000 Seward Association for the Advancement of Marine Science - $65,000 Larger contributions of primarily in-kind services in Guam and Micronesia include:

University of Guam Endowment Foundation - $70,000 Ayuda Foundation - $67,000 Canvasback Missions - $25,000 Pacific Mini Games - $21,000 500 Sails - $17,000 Contributions supporting social service programs include:

$100,000 in targeted annual grants supporting 10 social service focused nonprofit programs in Matson communities $87,000 in higher education scholarships aimed at supporting student leaders pursuing fields of study in maritime and supply chain logistics Led by employee committees in Hawaii, Alaska and Guam, Matson focuses its community support on local programs providing vital health care and human services; youth development / recreation; disaster preparedness and recovery; education; cultural and environmental preservation; the arts; agriculture and nutrition; and maritime safety.

Additional information on Matson's community support activities is available in the company's Sustainability Reports posted online at: https://www.matson.com/sustainability/sustainability-reports.html

About the Company

Founded in 1882, Matson (NYSE: MATX) is a leading provider of ocean transportation and logistics services. Matson provides a vital lifeline of ocean freight transportation services to the domestic non-contiguous economies of Hawaii, Alaska, and Guam, and to other island economies in Micronesia. Matson also operates premium, expedited services from China to Long Beach, California, which includes cargo from other Asia origins, provides service to Okinawa, Japan and various islands in the South Pacific, and operates an international export service from Alaska to Asia. The Company's fleet of owned and chartered vessels includes containerships, combination container and roll-on/roll-off ships and barges. Matson Logistics, established in 1987, extends the geographic reach of Matson's transportation network throughout North America and Asia. Its integrated logistics services include rail intermodal, highway brokerage, warehousing, freight consolidation, supply chain management, and freight forwarding to Alaska. Additional information about the Company is available at www.matson.com.

Contact:
Keoni Wagner
Matson
(808) 221-1467
[email protected]

SOURCE Matson, Inc.

Posted by Defense World Staff on Apr 6th, 2026

Matson, Inc. (NYSE:MATX – Get Free Report) has earned a consensus rating of “Hold” from the six ratings firms that are covering the stock, MarketBeat reports. Four analysts have rated the stock with a hold rating and two have given a buy rating to the company. The average 12-month price target among brokers that have issued ratings on the stock in the last year is $156.25.

Several analysts recently commented on the stock. Wall Street Zen downgraded shares of Matson from a “buy” rating to a “hold” rating in a research report on Sunday, March 15th. Wolfe Research restated an “outperform” rating and issued a $167.00 price objective on shares of Matson in a research note on Thursday, January 8th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Matson in a report on Monday, December 29th. Finally, Stephens increased their target price on shares of Matson from $190.00 to $213.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 21st.

Check Out Our Latest Stock Report on Matson

Matson Trading Up 0.2% MATX opened at $166.77 on Monday. The firm has a market cap of $5.07 billion, a price-to-earnings ratio of 11.96 and a beta of 1.33. Matson has a 52 week low of $86.97 and a 52 week high of $177.51. The business’s 50 day moving average is $161.39 and its two-hundred day moving average is $129.97. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.11.

Matson (NYSE:MATX – Get Free Report) last posted its quarterly earnings data on Tuesday, February 24th. The shipping company reported $4.60 earnings per share for the quarter, beating the consensus estimate of $3.69 by $0.91. The business had revenue of $851.90 million during the quarter, compared to the consensus estimate of $847.30 million. Matson had a return on equity of 16.63% and a net margin of 13.30%.The company’s revenue was down 4.3% compared to the same quarter last year. During the same period in the prior year, the company earned $3.80 earnings per share. On average, research analysts predict that Matson will post 13.27 EPS for the current year.

Matson Announces Dividend The business also recently disclosed a quarterly dividend, which was paid on Thursday, March 5th. Shareholders of record on Thursday, February 5th were paid a dividend of $0.36 per share. The ex-dividend date of this dividend was Thursday, February 5th. This represents a $1.44 annualized dividend and a yield of 0.9%. Matson’s dividend payout ratio is currently 10.33%.

Insider Activity at Matson In related news, EVP Peter T. Heilmann sold 13,000 shares of the stock in a transaction on Tuesday, March 3rd. The stock was sold at an average price of $165.46, for a total transaction of $2,150,980.00. Following the completion of the sale, the executive vice president directly owned 32,679 shares of the company’s stock, valued at $5,407,067.34. This trade represents a 28.46% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Christopher A. Scott sold 2,509 shares of Matson stock in a transaction on Wednesday, March 11th. The shares were sold at an average price of $155.00, for a total transaction of $388,895.00. Following the completion of the transaction, the senior vice president owned 14,533 shares in the company, valued at approximately $2,252,615. This trade represents a 14.72% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 42,550 shares of company stock worth $7,034,602 in the last ninety days. Company insiders own 2.51% of the company’s stock.

Hedge Funds Weigh In On Matson A number of large investors have recently bought and sold shares of the company. Danske Bank A S acquired a new position in shares of Matson during the fourth quarter worth about $25,000. Federated Hermes Inc. lifted its position in Matson by 124.3% in the third quarter. Federated Hermes Inc. now owns 249 shares of the shipping company’s stock valued at $25,000 after purchasing an additional 138 shares during the period. SouthState Bank Corp purchased a new stake in Matson in the 4th quarter valued at approximately $31,000. Headlands Technologies LLC purchased a new stake in Matson in the 2nd quarter valued at approximately $28,000. Finally, EverSource Wealth Advisors LLC increased its position in Matson by 57.3% during the 4th quarter. EverSource Wealth Advisors LLC now owns 258 shares of the shipping company’s stock worth $32,000 after purchasing an additional 94 shares during the period. Hedge funds and other institutional investors own 84.76% of the company’s stock.

About Matson (Get Free Report)

Matson, Inc (NYSE: MATX) is a U.S.-based provider of ocean transportation and supply chain logistics services with a focus on Pacific trade lanes. The company operates a fleet of container ships that regularly service Hawaii, Alaska, Guam, Micronesia and other Pacific islands, as well as mainland U.S. ports. Matson’s ocean transportation segment offers scheduled liner services, expedited shipping options and specialized project cargo handling for industries ranging from retail to heavy machinery.

In addition to its core liner operations, Matson offers ocean transportation services between Asia and the U.S.

Featured Stories Five stocks we like better than Matson

Receive News & Ratings for Matson Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Matson and related companies with MarketBeat.com's FREE daily email newsletter.

« PREVIOUS HEADLINEAir France-KLM SA (OTCMKTS:AFLYY) Given Average Recommendation of “Moderate Buy” by Brokerages

NEXT HEADLINE »Nkarta, Inc. (NASDAQ:NKTX) Given Average Recommendation of “Hold” by Analysts

Posted by Defense World Staff on Apr 17th, 2026

RXO (NYSE:RXO – Get Free Report) and Matson (NYSE:MATX – Get Free Report) are both mid-cap transportation companies, but which is the better investment? We will contrast the two companies based on the strength of their risk, dividends, profitability, valuation, institutional ownership, analyst recommendations and earnings.

Analyst Recommendations This is a breakdown of current ratings for RXO and Matson, as provided by MarketBeat.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score RXO 3 10 3 0 2.00 Matson 0 4 2 0 2.33 RXO currently has a consensus target price of $15.77, suggesting a potential downside of 12.43%. Matson has a consensus target price of $156.25, suggesting a potential downside of 10.32%. Given Matson’s stronger consensus rating and higher probable upside, analysts clearly believe Matson is more favorable than RXO.

Earnings & Valuation This table compares RXO and Matson”s gross revenue, earnings per share and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio RXO $5.74 billion 0.52 -$100.00 million ($0.58) -31.05 Matson $3.34 billion 1.58 $444.80 million $13.94 12.50 Matson has lower revenue, but higher earnings than RXO. RXO is trading at a lower price-to-earnings ratio than Matson, indicating that it is currently the more affordable of the two stocks.

Volatility and Risk RXO has a beta of 1.65, meaning that its stock price is 65% more volatile than the S&P 500. Comparatively, Matson has a beta of 1.33, meaning that its stock price is 33% more volatile than the S&P 500.

Insider & Institutional Ownership 92.7% of RXO shares are owned by institutional investors. Comparatively, 84.8% of Matson shares are owned by institutional investors. 0.8% of RXO shares are owned by insiders. Comparatively, 2.5% of Matson shares are owned by insiders. Strong institutional ownership is an indication that endowments, large money managers and hedge funds believe a stock is poised for long-term growth.

Profitability This table compares RXO and Matson’s net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets RXO -1.74% -0.44% -0.22% Matson 13.30% 16.63% 9.75% Summary Matson beats RXO on 10 of the 14 factors compared between the two stocks.

About RXO (Get Free Report)

RXO, Inc. provides full truckload freight transportation brokering services. It also offers brokered services for managed transportation, last mile, and freight forwarding. The company was incorporated in 2022 and is based in Charlotte, North Carolina.

About Matson (Get Free Report)

Matson, Inc., together with its subsidiaries, engages in the provision of ocean transportation and logistics services. It operates through two segments, Ocean Transportation and Logistics. The Ocean Transportation segment offers ocean freight transportation services to the domestic non-contiguous economies of Hawaii, Japan, Alaska, and Guam, as well as to other island economies in Micronesia. It primarily transports dry containers of mixed commodities, refrigerated commodities, food products, beverages, building materials, automobiles, and household goods; livestock; seafood; general sustenance cargo; and garments, footwear, e-commerce, and other retail merchandise. This segment also operates an expedited service from China to Long Beach, California, and various islands in the South Pacific, as well as Okinawa, Japan; and provides stevedoring, refrigerated cargo services, inland transportation, container equipment maintenance, and other terminal services to ocean carriers on the Hawaiian islands of Oahu, Hawaii, Maui, and Kauai, as well as in the Alaska locations of Anchorage, Kodiak, and Dutch Harbor. In addition, it offers vessel management and container transshipment services. The Logistics segment provides multimodal transportation brokerage services, including domestic and international rail intermodal, long-haul and regional highway trucking, specialized hauling, flat-bed and project, less-than-truckload, and expedited freight services; less-than-container load consolidation and freight forwarding services; warehousing and distribution services; supply chain management services, and non-vessel operating common carrier freight forwarding services. It serves the U.S. military, freight forwarders, retailers, consumer goods, automobile manufacturers, and other customers. The company was formerly known as Alexander & Baldwin Holdings, Inc. and changed its name to Matson, Inc. in June 2012. Matson, Inc. was founded in 1882 and is headquartered in Honolulu, Hawaii.

Receive News & Ratings for RXO Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for RXO and related companies with MarketBeat.com's FREE daily email newsletter.

« PREVIOUS HEADLINEHead to Head Contrast: JAN (NYSE:JAN) vs. Fermi (NASDAQ:FRMI)

NEXT HEADLINE »Comparing Cantor Equity Partners II (NASDAQ:CEPT) & Trailblazer Merger Corporation I (NASDAQ:TBMC)

, /PRNewswire/ -- Matson, Inc. ("Matson" or the "Company") (NYSE: MATX), a leading U.S. carrier in the Pacific, today announced that it will release its financial results for the first quarter on Monday, May 4, 2026.

A conference call is scheduled for 4:30 p.m. ET when Matt Cox, Chairman and Chief Executive Officer, and Joel Wine, Executive Vice President and Chief Financial Officer, will discuss Matson's first quarter results.

Date of Conference Call:

Monday, May 4, 2026

Scheduled Time:

4:30 p.m. ET / 1:30 p.m. PT / 10:30 a.m. HT

The conference call will be broadcast live along with an additional slide presentation on the Company's website at www.matson.com, under Investors. 

Participants may register for the conference call at:

https://register-conf.media-server.com/register/BI512867b8cdba4b7f9aa576788a36799a

Registered participants will receive the conference call dial-in number and a unique PIN code to access the live event. While not required, it is recommended you join 10 minutes prior to the event starting time. A replay of the conference call will be available approximately two hours after the event by accessing the webcast link at www.matson.com, under Investors.

About the Company
Founded in 1882, Matson (NYSE: MATX) is a leading provider of ocean transportation and logistics services. Matson provides a vital lifeline of ocean freight transportation services to the domestic non-contiguous economies of Hawaii, Alaska, and Guam, and to other island economies in Micronesia. Matson also operates premium, expedited services from China to Long Beach, California, which includes cargo from other Asia origins, provides services to Okinawa, Japan and various islands in the South Pacific, and operates an international export service from Alaska to Asia. The Company's fleet of owned and chartered vessels includes containerships, combination container and roll-on/roll-off ships and barges. Matson Logistics, established in 1987, extends the geographic reach of Matson's transportation network throughout North America and Asia. Its integrated logistics services include rail intermodal, highway brokerage, warehousing, freight consolidation, supply chain management, and freight forwarding to Alaska. Additional information about the Company is available at www.matson.com.

SOURCE Matson, Inc.

, /PRNewswire/ -- The Board of Directors of Matson, Inc. (NYSE: MATX), a leading U.S. carrier in the Pacific, approved adding three million shares to its existing share repurchase program and extending the program to December 31, 2029.  As of April 23, 2026, the existing share repurchase program had approximately 0.7 million shares remaining.  The Board also declared a second quarter dividend of $0.36 per common share.  The dividend will be paid on June 4, 2026 to all shareholders of record as of the close of business on May 7, 2026.

"We are pleased to announce an additional three million shares to our existing share repurchase program," said Matt Cox, Matson's Chairman and Chief Executive Officer.  "Since we commenced our share repurchase program in August 2021, we have repurchased approximately 14.3 million shares, or approximately 33% of the then outstanding shares, for a total cost of $1.3 billion.  Going forward, we will continue to be both disciplined and opportunistic in our capital allocation, and we remain committed to returning excess cash to shareholders to create additional shareholder value over the long-term." 

Shares will be repurchased in the open market from time to time at the Company's discretion, based on ongoing assessments of the capital needs of the business, the market price of its common shares and general market conditions.  The Company may enter into Rule 10b5-1 plans to facilitate purchases under the program.  The repurchase program may be suspended or discontinued at any time.

About the Company

Founded in 1882, Matson (NYSE: MATX) is a leading provider of ocean transportation and logistics services.  Matson provides a vital lifeline of ocean freight transportation services to the domestic non-contiguous economies of Hawaii, Alaska, and Guam, and to other island economies in Micronesia.  Matson also operates premium, expedited services from China to Long Beach, California, which includes cargo from other Asia origins, provides services to Okinawa, Japan and various islands in the South Pacific, and operates an international export service from Alaska to Asia.  The Company's fleet of owned and chartered vessels includes containerships, combination container and roll-on/roll-off ships and barges.  Matson Logistics, established in 1987, extends the geographic reach of Matson's transportation network throughout North America and Asia.  Its integrated logistics services include rail intermodal, highway brokerage, warehousing, freight consolidation, supply chain management, and freight forwarding to Alaska.  Additional information about the Company is available at www.matson.com.

Forward Looking Statements

Statements in this news release that are not historical facts are "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement, including but not limited to, statements about capital allocation plans, the timing, manner and volume of repurchases of common shares pursuant to the repurchase program, and use of excess cash.  These forward-looking statements are not guarantees of future performance.  This release should be read in conjunction with our Annual Report on Form 10-K and our other filings with the SEC through the date of this release, which identify important factors that could affect the forward-looking statements in this release.  We do not undertake any obligation to update our forward-looking statements.

SOURCE Matson, Inc.

1Q26 EPS of $1.85 versus $2.18 in 1Q25 1Q26 Net Income of $56.6 million versus $72.3 million in 1Q25 1Q26 Consolidated Operating Income of $61.4 million versus $82.1 million in 1Q25 1Q26 EBITDA of $113.3 million versus $131.7 million in 1Q25 Repurchased approximately 0.4 million shares in 1Q26 Raises full year outlook , /PRNewswire/ -- Matson, Inc. ("Matson" or the "Company") (NYSE: MATX), a leading U.S. carrier in the Pacific, today reported net income of $56.6 million, or $1.85 per diluted share, for the quarter ended March 31, 2026.  Net income for the quarter ended March 31, 2025 was $72.3 million, or $2.18 per diluted share.  Consolidated revenue for the first quarter 2026 was $757.8 million compared with $782.0 million for the first quarter 2025.

Matt Cox, Matson's Chairman and Chief Executive Officer, commented, "In the first quarter 2026, Ocean Transportation operating income exceeded our expectations primarily due to higher freight demand post-Lunar New Year in our China service.  In our domestic tradelanes, we saw lower year-over-year volume in Hawaii and Alaska.  In Logistics, operating income in the first quarter was lower year-over-year, primarily due to a lower contribution from supply chain management."

Mr. Cox added, "To date, the Iran conflict has not impacted our operating performance or service levels; however, it has impacted fuel prices in all our markets.  While we have effective mechanisms to recover the cost of fuel by the end of the year, for the second quarter we expect a negative impact from the lag in the recovery of fuel costs.  On the demand side, the uptick in freight demand we saw in our China service post-Lunar New Year has continued to build in the second quarter as demand strengthens and volume returns to a more traditional seasonal pattern.  We also expect this demand strength to continue through peak season.  As a result, we expect Ocean Transportation operating income in the second quarter 2026 to be approximately $20 million higher than the $98.6 million achieved in the second quarter last year.  For Logistics, we expect operating income in the second quarter 2026 to approach the level achieved in the year ago period.  For full year 2026, we expect consolidated operating income to modestly exceed the level achieved in full year 2025 based on our expectations of continued solid U.S. consumer demand and a stable trading environment in the Transpacific tradelane."

First Quarter 2026 Discussion and Outlook for 2026

Ocean Transportation:  The Company's container volume in the Hawaii service in the first quarter 2026 was 5.6 percent lower year-over-year primarily due to lower general demand and the dry-docking of a competitor's vessel in the year ago period.  Hawaii's economy is expected to experience modest growth supported by construction activity, while tourism remains soft and inflationary pressures persist.  The Company expects volume in full year 2026 to be comparable to the level achieved in 2025, reflecting similar economic conditions and stable market share.

In the China service, the Company's container volume in the first quarter 2026 decreased 9.5 percent year-over-year primarily due to lower general demand from a more traditional Lunar New Year freight cycle.  The Company saw higher than expected freight demand post-Lunar New Year and the uptick in freight demand has continued to build in the second quarter as demand strengthens and volume returns to a more traditional seasonal pattern.  The Company also expects this demand strength to continue through peak season.  In the second quarter 2026, the Company expects higher volume compared to the prior year period, which included a market decline in Transpacific demand due to the tariffs imposed in April 2025.  The Company expects volume in full year 2026 to be moderately higher than the level achieved in 2025 based on our expectations of continued solid U.S. consumer demand and a stable trading environment in the Transpacific tradelane.

In the Guam service, the Company's container volume in the first quarter 2026 was flat year-over-year.  In the near term, the Company expects Guam's economy to remain stable.  For full year 2026, the Company expects volume to be comparable to the level achieved last year.

In the Alaska service, the Company's container volume in the first quarter 2026 decreased 2.0 percent year-over-year.  The decrease was primarily due to lower general demand, partially offset by an additional northbound sailing and an additional AAX sailing compared to the year ago period.  In the near term, the Company expects continued economic growth in Alaska supported by a low unemployment rate, jobs growth and continued oil and gas exploration and production activity.  For full year 2026, the Company expects volume to be comparable to the level achieved last year.

The contribution from the Company's SSAT joint venture investment was $5.0 million in the first quarter 2026, or $1.6 million lower than first quarter 2025.  The decrease was primarily due to lower lift volume.  For full year 2026, the Company expects the contribution from SSAT to be lower than the $32.5 million achieved in full year 2025.

Based on the outlook trends noted above, the Company expects Ocean Transportation operating income in the second quarter 2026 to be approximately $20 million higher than the $98.6 million achieved in the second quarter 2025.  For full year 2026, the Company expects Ocean Transportation operating income to modestly exceed the level achieved in full year 2025.

Logistics:  Operating income for the Company's Logistics segment was $6.8 million in the first quarter 2026, or $1.7 million lower compared to the level achieved in the first quarter 2025.  The decrease was primarily due to a lower contribution from supply chain management.  For the second quarter 2026, the Company expects Logistics operating income to approach the $14.4 million achieved in the second quarter 2025.  For full year 2026, the Company expects Logistics operating income to approach the $44.2 million achieved in full year 2025.

Consolidated Operating Income:  To date, the Iran conflict has not impacted the Company's operating performance or service levels; however, it has impacted fuel prices in all of the Company's markets.  While the Company has effective mechanisms to recover the cost of fuel by the end of the year, for the second quarter the Company expects a negative impact from the lag in the recovery of fuel costs.  For the second quarter 2026, the Company expects consolidated operating income to be approximately $20 million higher than the $113.0 million achieved in the second quarter 2025.  For full year 2026, the Company expects consolidated operating income to modestly exceed the level achieved in full year 2025 based on the Company's expectations of China demand strength in the second quarter continuing through peak season, continued solid U.S. consumer demand and a stable trading environment in the Transpacific Tradelane.  For 2026 compared to 2025, the Company continues to expect a more normal operating seasonality pattern with consolidated operating income in the second and third quarters being the strongest relative to the first and fourth quarters.

Depreciation and Amortization:  For full year 2026, the Company expects depreciation and amortization expense to be approximately $210 million, inclusive of dry-docking amortization of approximately $35 million.

Interest Income:  The Company expects interest income for the full year 2026 to be approximately $16 million.

Interest Expense, Net:  The Company expects interest expense for the full year 2026 to be approximately $6 million.

Other Income (Expense):  The Company expects full year 2026 other income (expense) to be approximately $7 million in income, which is attributable to the amortization of certain components of net periodic benefit costs or gains related to the Company's pension and post-retirement plans.

Income Taxes:  In the first quarter 2026, the Company's effective tax rate was 16.6 percent.  For the full year 2026, the Company expects its effective tax rate to be approximately 21.0 percent.

Capital and Vessel Dry-docking Expenditures:  For the first quarter 2026, the Company made capital expenditure payments excluding new vessel construction expenditures of $30.3 million, new vessel construction expenditures (including capitalized interest and owner's items) of $18.0 million, and dry-docking payments of $11.9 million.  For the full year 2026, the Company expects to make other capital expenditure payments, including maintenance capital expenditures, of approximately $150 to $170 million, new vessel construction expenditures (including capitalized interest and owner's items) of approximately $400 million, and dry-docking payments of approximately $45 million.

Results By Segment

Ocean Transportation — Three months ended March 31, 2026 compared with 2025

Three Months Ended March 31, 

(Dollars in millions)

2026

2025

Change

Ocean Transportation revenue

$

606.5

$

637.4

$

(30.9)

(4.8)

%

Operating costs and expenses

(551.9)

(563.8)

11.9

(2.1)

%

Operating income

$

54.6

$

73.6

$

(19.0)

(25.8)

%

Operating income margin

9.0

%

11.5

%

Volume by Service (Forty-foot equivalent units (FEU)) (1)

Hawaii containers

33,700

35,700

(2,000)

(5.6)

%

Alaska containers

19,300

19,700

(400)

(2.0)

%

China containers (2)

25,800

28,500

(2,700)

(9.5)

%

Guam containers

4,200

4,200

—

—

%

Other containers (3)

3,300

3,400

(100)

(2.9)

%

(1)

Approximate volume included for the period are based on the voyage departure date, but revenue and operating income are adjusted to reflect the percentage of revenue and operating income earned during the reporting period for voyages in transit at the end of each reporting period.

(2)

Includes containers from China and other Asia origins.

(3)

Includes containers from services in various islands in Micronesia and the South Pacific, and Okinawa, Japan.

Ocean Transportation revenue decreased $30.9 million, or 4.8 percent, during the three months ended March 31, 2026, compared with the three months ended March 31, 2025.  The decrease was primarily due to lower volume in the China service.

On a year-over-year FEU basis, Hawaii service container volume decreased 5.6 percent primarily due to lower general demand and the dry-docking of a competitor's vessel in the year ago period; Alaska service volume decreased 2.0 percent primarily due to lower general demand, partially offset by an additional northbound sailing and an additional AAX sailing compared to the year ago period; China service volume was 9.5 percent lower primarily due to lower general demand from a more traditional Lunar New Year freight cycle; Guam service volume was flat; and Other containers volume decreased 2.9 percent.

Ocean Transportation operating income decreased $19.0 million, or 25.8 percent, during the three months ended March 31, 2026, compared with the three months ended March 31, 2025.  The decrease was primarily due to a lower contribution from the China service.

The Company's SSAT terminal joint venture investment contributed $5.0 million during the three months ended March 31, 2026, compared to $6.6 million during the three months ended March 31, 2025.  The decrease was primarily due to lower lift volume.

Logistics — Three months ended March 31, 2026 compared with 2025

Three Months Ended March 31, 

(Dollars in millions)

2026

2025

Change

Logistics revenue

$

151.3

$

144.6

$

6.7

4.6

%

Operating costs and expenses

(144.5)

(136.1)

(8.4)

6.2

%

Operating income

$

6.8

$

8.5

$

(1.7)

(20.0)

%

Operating income margin

4.5

%

5.9

%

Logistics revenue increased $6.7 million, or 4.6 percent, during the three months ended March 31, 2026, compared with the three months ended March 31, 2025.  The increase was primarily due to higher revenue in transportation brokerage.

Logistics operating income decreased $1.7 million, or 20.0 percent, during the three months ended March 31, 2026, compared with the three months ended March 31, 2025.  The decrease was primarily due to a lower contribution from supply chain management.

Liquidity, Cash Flows and Capital Allocation

Matson's Cash and Cash Equivalents decreased by $41.8 million from $141.9 million at December 31, 2025 to $100.1 million at March 31, 2026.  As of March 31, 2026, there was $521.5 million of cash and cash equivalents and investments in fixed-rate U.S. Treasuries in the Capital Construction Fund.  Matson generated net cash from operating activities of $94.0 million during the three months March 31, 2026, compared to $89.0 million during the three months ended March 31, 2025.  Capital expenditures (including capitalized vessel construction expenditures) totaled $48.3 million for the three months ended March 31, 2026, compared with $89.2 million for the three months ended March 31, 2025.  Total debt decreased by $10.1 million during the three months to $351.1 million as of March 31, 2026, of which $311.4 million was classified as long-term debt.[1]  As of March 31, 2026, Matson had available borrowings under its revolving credit facility of $544.3 million.

During the first quarter 2026, Matson repurchased approximately 0.4 million shares for a total cost of $54.4 million.[2]  As of March 31, 2026, there were approximately 0.8 million shares remaining in the Company's share repurchase program.  On April 23, 2026, Matson's Board of Directors approved an additional 3.0 million shares of common stock to be added to the Company's existing share repurchase program and extended the program to December 31, 2029.  On April 23, 2026, Matson's Board of Directors also declared a cash dividend of $0.36 per share payable on June 4, 2026 to all shareholders of record as of the close of business on May 7, 2026.

Teleconference and Webcast

A conference call is scheduled on May 4, 2026 at 4:30 p.m. ET when Matt Cox, Chairman and Chief Executive Officer, and Joel Wine, Executive Vice President and Chief Financial Officer, will discuss Matson's first quarter results.

Date of Conference Call:

Monday, May 4, 2026

Scheduled Time:

4:30 p.m. ET / 1:30 p.m. PT / 10:30 a.m. HT

The conference call will be broadcast live along with an additional slide presentation on the Company's website at www.matson.com, under Investors. 

1 Total debt is presented before any reduction for deferred loan fees as required by GAAP.

2 Includes stock repurchased during the quarter but not settled and taxes on share repurchases that will be paid after the quarter end.

Participants may register for the conference call at:

https://register-conf.media-server.com/register/BI512867b8cdba4b7f9aa576788a36799a

Registered participants will receive the conference call dial-in number and a unique PIN code to access the live event.  While not required, it is recommended you join 10 minutes prior to the event starting time.  A replay of the conference call will be available approximately two hours after the event by accessing the webcast link at www.matson.com, under Investors.

About the Company

Founded in 1882, Matson (NYSE: MATX) is a leading provider of ocean transportation and logistics services.  Matson provides a vital lifeline of ocean freight transportation services to the domestic non-contiguous economies of Hawaii, Alaska, and Guam, and to other island economies in Micronesia.  Matson also operates premium, expedited services from China to Long Beach, California, which includes cargo from other Asia origins, provides services to Okinawa, Japan and various islands in the South Pacific, and operates an international export service from Alaska to Asia.  The Company's fleet of owned and chartered vessels includes containerships, combination container and roll-on/roll-off ships and barges.  Matson Logistics, established in 1987, extends the geographic reach of Matson's transportation network throughout North America and Asia.  Its integrated logistics services include rail intermodal, highway brokerage, warehousing, freight consolidation, supply chain management, and freight forwarding to Alaska.  Additional information about the Company is available at www.matson.com.

GAAP to Non-GAAP Reconciliation

This press release, the Form 8-K and the information to be discussed in the conference call include non-GAAP measures.  While Matson reports financial results in accordance with U.S. generally accepted accounting principles ("GAAP"), the Company also considers other non-GAAP measures to evaluate performance, make day-to-day operating decisions, help investors understand our ability to incur and service debt and to make capital expenditures, and to understand period-over-period operating results separate and apart from items that may, or could, have a disproportional positive or negative impact on results in any particular period.  These non-GAAP measures include, but are not limited to, Earnings Before Interest, Income Taxes, Depreciation and Amortization ("EBITDA").

Forward-Looking Statements

Statements in this news release that are not historical facts are "forward-looking statements," within the meaning of the Private Securities Litigation Reform Act of 1995, including without limitation those statements regarding outlook; operating income; depreciation and amortization, including dry-docking amortization; interest income; interest expense; other income (expense); tax rate; maintenance capital expenditures; capital and vessel dry-docking expenditures; volume; yield and freight rates; operating seasonality pattern; impacts from the Iran conflict; fuel prices and volatility; fuel cost recovery mechanisms and timing to recover such costs; freight demand, including e-commerce, e-goods and garments; U.S. consumer demand; trading environment; air-to-ocean freight conversions; air freight costs and air cargo capacity; growth and penetration into Southeast Asia ports; geopolitical tension and uncertainty; economic growth and drivers in Hawaii, Alaska and Guam; tourism levels; unemployment rates; construction activity; jobs growth; inflationary pressures; oil and gas exploration and production activity; market share; contribution from SSAT; vessel transit and connection times; refleeting initiatives; timing and amount of cash contributions into or withdrawals from the Capital Construction Fund; timing and amount of milestone payments and related costs; delivery dates for new vessels; and the timing, manner and volume of repurchases of common stock pursuant to the repurchase program.  These statements involve a number of risks and uncertainties that could cause actual results to differ materially from those contemplated by the relevant forward-looking statement, including but not limited to risks and uncertainties relating to repeal, invalidation, substantial amendment or waiver of the Jones Act or changes in its application, or the Company were determined not to be a United States citizen under the Jones Act; changes in macroeconomic conditions, geopolitical developments, or governmental policies; our ability to offer a differentiated service in China for which customers are willing to pay a significant premium; new or increased competition; loss of or damage to key customer relationships; agreements with key vendors and third parties; fuel prices, our ability to collect fuel-related surcharges and/or the cost or limited availability of required fuels; evolving regulations and stakeholder expectations related to sustainability matters; timely or successful completion of fleet upgrade initiatives; the Company's vessel construction agreements with Philly Shipyard; the occurrence of weather, natural disasters, maritime accidents, spill events and other physical and operating risks; transitional and other risks arising from climate change; actual or threatened health epidemics, outbreaks of disease, pandemics or other major health crises; significant operating agreements and leases that may not be renewed/replaced on favorable or acceptable terms; any unexpected dry-docking or repair costs; joint venture relationships; conducting business in foreign markets, including the imposition of tariffs or a change in international trade policies; modernization of terminals in Hawaii and Alaska; heightened security measures, war, actual or threatened terrorist attacks, efforts to combat terrorism and other acts of violence; consummating and integrating acquisitions; work stoppages or other labor disruptions caused by our unionized workers and other workers or their unions in related industries; loss of key personnel or failure to adequately manage human capital; the use of our information technology and communication systems; cybersecurity attacks; changes in our credit profile, disruptions of the credit markets or higher interest rates; our ability to access the debt capital markets; periodic revisions to the Company's effective income tax rate; changes in the value of pension assets; exposure under multi-employer pension and post-retirement plans; continuation of the Title XI and CCF programs; costs to comply with and liability related to numerous safety, environmental, and other laws and regulations; and disputes, legal and other proceedings and government inquiries or investigations.  These forward-looking statements are not guarantees of future performance.  This release should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2025 and our other filings with the SEC through the date of this release, which identify important factors that could affect the forward-looking statements in this release.  We do not undertake any obligation to update our forward-looking statements.

MATSON, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Income

(Unaudited)

Three Months Ended

March 31, 

(In millions, except per share amounts)

2026

2025

Operating Revenue:

Ocean Transportation

$

606.5

$

637.4

Logistics

151.3

144.6

Total Operating Revenue

757.8

782.0

Costs and Expenses:

Operating costs

(623.9)

(631.1)

Income from SSAT

5.0

6.6

General and administrative

(77.5)

(75.4)

Total Costs and Expenses

(696.4)

(699.9)

Operating Income

61.4

82.1

Interest income

6.1

9.4

Interest expense, net

(1.6)

(1.7)

Other income (expense), net

2.0

2.4

Income before Taxes

67.9

92.2

Income taxes

(11.3)

(19.9)

Net Income

$

56.6

$

72.3

Basic Earnings Per Share

$

1.86

$

2.20

Diluted Earnings Per Share

$

1.85

$

2.18

Weighted Average Number of Shares Outstanding:

Basic

30.4

32.8

Diluted

30.6

33.2

MATSON, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

(Unaudited)

March 31, 

December 31, 

(In millions)

2026

2025

ASSETS

Current Assets:

Cash and cash equivalents

$

100.1

$

141.9

Other current assets

336.3

330.0

Total current assets

436.4

471.9

Long-term Assets:

Investment in SSAT

101.5

96.2

Property and equipment, net

2,510.6

2,499.4

Goodwill

327.8

327.8

Intangible assets, net

143.5

146.6

Capital Construction Fund

521.5

532.7

Other long-term assets

541.7

561.0

Total long-term assets

4,146.6

4,163.7

Total assets

$

4,583.0

$

4,635.6

LIABILITIES AND SHAREHOLDERS' EQUITY

Current Liabilities:

Current portion of debt

$

39.7

$

39.7

Other current liabilities

490.2

487.7

Total current liabilities

529.9

527.4

Long-term Liabilities:

Long-term debt, net of deferred loan fees

302.2

312.1

Deferred income taxes, net

702.7

701.9

Other long-term liabilities

318.1

335.2

Total long-term liabilities

1,323.0

1,349.2

Total shareholders' equity

2,730.1

2,759.0

Total liabilities and shareholders' equity

$

4,583.0

$

4,635.6

MATSON, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows

(Unaudited)

Three Months Ended March 31, 

(In millions)

2026

2025

Cash Flows From Operating Activities:

Net income

$

56.6

$

72.3

Reconciling adjustments:

Depreciation and amortization

42.2

40.6

Amortization of operating lease right-of-use assets

33.7

34.5

Deferred income taxes, net

0.7

0.4

Share-based compensation expense

5.5

5.8

Income from SSAT

(5.0)

(6.6)

Other

0.3

(1.9)

Changes in assets and liabilities:

Accounts receivable, net

(1.1)

(1.6)

Deferred dry-docking payments

(11.9)

(10.4)

Deferred dry-docking amortization

7.7

6.6

Prepaid expenses and other assets

(4.0)

(6.9)

Accounts payable, accruals and other liabilities

1.0

(5.3)

Operating lease assets and liabilities, net

(29.8)

(35.1)

Other long-term liabilities

(1.9)

(3.4)

Net cash provided by operating activities

94.0

89.0

Cash Flows From Investing Activities:

Vessel construction expenditures

(18.0)

(66.7)

Capital expenditures (excluding vessel construction expenditures)

(30.3)

(22.5)

Proceeds from disposal of property and equipment, net

(0.1)

0.2

Cash and interest deposited into the Capital Construction Fund

(5.8)

(105.4)

Withdrawals from Capital Construction Fund

17.4

65.0

Net cash used in investing activities

(36.8)

(129.4)

Cash Flows From Financing Activities:

Repayments of debt

(10.1)

(10.1)

Dividends paid

(11.0)

(11.3)

Repurchase of Matson common stock

(52.8)

(66.9)

Tax withholding related to net share settlements of restricted stock units

(25.1)

(16.1)

Net cash used in financing activities

(99.0)

(104.4)

Net Decrease in Cash and Cash Equivalents

(41.8)

(144.8)

Cash and Cash Equivalents, Beginning of the Period

141.9

266.8

Cash and Cash Equivalents, End of the Period

$

100.1

$

122.0

Supplemental Cash Flow Information:

Interest paid, net of capitalized interest

$

1.7

$

1.7

Income taxes paid, net of income tax refunds

$

2.8

$

1.6

Non-cash Information:

Capital expenditures included in accounts payable, accruals and other liabilities

$

3.2

$

7.6

MATSON, INC. AND SUBSIDIARIES

Net Income to EBITDA Reconciliations

(Unaudited)

Three Months Ended

March 31, 

Last Twelve

(In millions)

2026

2025

Change

Months

Net Income

$

56.6

$

72.3

$

(15.7)

$

429.1

Subtract:

Interest income

(6.1)

(9.4)

3.3

(28.4)

Add:

Interest expense, net

1.6

1.7

(0.1)

6.7

Add:

Income taxes

11.3

19.9

(8.6)

80.4

Add:

Depreciation and amortization

42.2

40.6

1.6

168.5

Add:

Deferred dry-docking amortization

7.7

6.6

1.1

30.0

EBITDA (1)

$

113.3

$

131.7

$

(18.4)

$

686.3

(1)

EBITDA is defined as earnings before interest, income taxes, depreciation and amortization (including deferred dry-docking amortization).  EBITDA should not be considered as an alternative to net income (as determined in accordance with GAAP), as an indicator of our operating performance, or to cash flows from operating activities (as determined in accordance with GAAP) as a measure of liquidity.  Our calculation of EBITDA may not be comparable to EBITDA as calculated by other companies, nor is this calculation identical to the EBITDA used by our lenders to determine financial covenant compliance.

SOURCE Matson, Inc.

, /PRNewswire/ -- Matson, Inc. ("Matson"; NYSE: MATX) today marked two milestones in its fleet renewal program with the beginning of hull assembly on the second of three new LNG powered "Aloha Class" containerships designed for its Hawaii and China-Long Beach Express (CLX) services, and the start of construction on its third new vessel at Hanwha Philly Shipyard, Inc. (HSPI) in Pennsylvania.

At a steel-cutting ceremony marking the official start of construction on the third of three new containerships being built for Matson at Hanwha Philly Shipyard in Philadelphia, the honor of starting the shipyard’s plasma cutter on the first steel plate was given to Dan Massoni, Matson’s Vessel Engineering Manager based in Philadelphia. May 5, 2026. Photo credit: Hanwha Philly Shipyard, Inc. A small shipyard ceremony to mark the dock mounting of the first grand block assembly of the second new vessel was followed by the cutting of steel plates to initiate work to build the third vessel.

The three new Jones Act-compliant vessels, representing an investment of approximately $1 billion, will match the size and speed of Matson's two existing Aloha Class ships, Daniel K. Inouye, and Kaimana Hila, which entered service in 2018 and 2019, respectively, as the largest containerships ever constructed in the U.S.

Matson expects to receive the first new vessel in the first quarter of 2027 with subsequent deliveries in the third quarter of 2027 and second quarter of 2028, respectively.

With a carrying capacity of 3,600 TEU,* the 854-foot Aloha Class vessels are designed to operate at speeds in excess of 23 knots in support of Matson's service hallmark – fast and reliable delivery of goods, while incorporating the latest energy-efficient technologies to enhance operational efficiency and reduce environmental impact. 

The three new Aloha Class ships will replace three vessels currently deployed in Matson's Hawaii and CLX services.

HPSI is a leading U.S. commercial shipyard constructing vessels for operation in the domestic Jones Act trade lanes. Prior to Matson's current Aloha L Class project, the shipyard delivered four Jones Act containerships for Matson between 2003 and 2006, and two additional containerships in 2018 and 2019, which were the first Aloha Class vessels.

* TEU = Twenty-foot Equivalent Units, the standard unit of measurement for container capacity

About Matson
Founded in 1882, Matson (NYSE: MATX) is a leading provider of ocean transportation and logistics services. Matson provides a vital lifeline of ocean freight transportation services to the domestic non-contiguous economies of Hawaii, Alaska, and Guam, and to other island economies in Micronesia. Matson also operates premium, expedited services from China to Long Beach, California, which includes cargo from other Asia origins, provides services to Okinawa, Japan and various islands in the South Pacific, and operates an international export service from Alaska to Asia. The Company's fleet of owned and chartered vessels includes containerships, combination container and roll-on/roll-off ships and barges. Matson Logistics, established in 1987, extends the geographic reach of Matson's transportation network throughout North America and Asia. Its integrated logistics services include rail intermodal, highway brokerage, warehousing, freight consolidation, supply chain management, and freight forwarding to Alaska. Additional information about the Company is available at www.matson.com.

About Hanwha Philly Shipyard, Inc.

Hanwha Philly Shipyard, Inc. is a leading U.S. shipbuilder with a state-of-the-art shipbuilding facility that has earned a reputation as a preferred provider of ocean-going merchant vessels with a track record of delivering quality ships, having delivered around 50% of all large ocean-going U.S. Jones Act commercial ships since 2000.

The shipyard is part of Hanwha Group, a multinational company with a robust network of affiliates in the energy, ocean, aerospace, finance, and retail & services industries.

For more information, visit www.hanwhaphillyshipyard.com.

SOURCE Matson, Inc.

PHILADELPHIA, May 06, 2026 (GLOBE NEWSWIRE) -- Kaskela Law is reviewing the Global Business Travel Group, Inc. (NYSE: GBTG) (“Amex GBT”) shareholder buyout proposal to assess whether GBTG shareholders could receive a higher price for their shares.

Click here for additional information: https://kaskelalaw.com/case/global-business-travel-group/

BACKGROUND:

On May 4, 2026, Amex GBT announced that it had agreed to be privatized for $9.50 per share in cash. Upon completion of the proposed transaction, Amex GBT’s public shareholders will be cashed out of their investment position, and the company’s shares will no longer be publicly traded.

THE INVESTIGATION:

The firm is investigating whether Amex GBT investors will receive sufficient financial consideration for their shares. At the time the buyout was announced, at least one stock analyst had set a price target for Amex GBT’s shares of $12.00 per share – over 25% higher than the buyout price.

“We are investigating this transaction and encourage Amex GBT shareholders who think the buyout price is too low to contact Kaskela Law to explore and preserve their legal rights and options,” said attorney D. Seamus Kaskela, who is leading the firm’s investigation.

Amex GBT shareholders are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (484) 229 – 0750, or by email at [email protected], for additional information about their legal rights and options. Investors may also request additional information about this matter by clicking on the following link (or by copying and pasting the link into your browser):

https://kaskelalaw.com/case/global-business-travel-group/

ABOUT KASKELA LAW:

Kaskela Law exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation on a contingent-fee basis. For additional information about the firm, including the firm’s recent monetary recoveries for investors in mergers & acquisition litigation, please visit our website (www.kaskelalaw.com) or contact us today at (888) 715 – 1740.

KASKELA LAW LLC
D. Seamus Kaskela, Esquire
Adrienne Bell, Esquire
18 Campus Boulevard, Suite 100
Newtown Square, PA 19073
(484) 229 – 0750
www.kaskelalaw.com

This communication may constitute attorney advertising in certain jurisdictions.

PHILADELPHIA--(BUSINESS WIRE)--Investor protection firm Kaskela Law is investigating Global Business Travel Group, Inc. (NYSE: GBTG) (“Amex GBT”) on behalf of the company's shareholders to determine whether the recently announced buyout of GBTG shareholders is fair and provides investors with sufficient monetary consideration for their shares. Click here for additional information: https://kaskelalaw.com/case/global-business-travel-group/ On May 4, 2026, Amex GBT announced that it had agreed to.

LOS ANGELES, May 13, 2026 (GLOBE NEWSWIRE) -- The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors in Global Business Travel Group, Inc. (“Global Business Travel” or “the Company”) (NYSE: GBTG) for potential breaches of fiduciary duty on the part of its directors and management.

The investigation focuses on determining if the Global Business Travel board breached its fiduciary duties to shareholders.

If you are a shareholder, click here to participate.

We also encourage you to contact Brian Schall of the Schall Law Firm, 2049 Century Park East, Suite 2460, Los Angeles, CA 90067, at 310-301-3335, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at [email protected].

The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and rules of ethics.

CONTACT:
The Schall Law Firm 
Brian Schall, Esq. 
310-301-3335
[email protected]

www.schallfirm.com

Insiders may stand to receive substantial financial benefits not available to ordinary shareholders.

The proposed transactions may contain terms that could limit superior competing offers.

Shareholders are encouraged to contact the firm to discuss their rights and options at no cost or obligation. We would handle any matter on a contingent fee basis, whereby you would not be responsible for out-of-pocket payment of our legal fees or expenses.

, /PRNewswire/ -- Halper Sadeh LLC, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws and/or breaches of fiduciary duties to shareholders relating to:

TruBridge, Inc. (NASDAQ: TBRG)'s sale to Inventurus Knowledge Solutions, Inc. for $26.25 in cash per share. If you are a TruBridge shareholder, click here to learn more about your rights and options.  

RE/MAX Holdings, Inc. (NYSE: RMAX)'s sale to The Real Brokerage Inc. for either 5.152 shares of the combined company or $13.80 in cash per share. If you are a RE/MAX shareholder, click here to learn more about your rights and options.

Global Business Travel Group, Inc. (NYSE: GBTG)'s sale to Long Lake Management for $9.50 per share in cash. If you are a Global Business shareholder, click here to learn more about your rights and options.

On behalf of shareholders, Halper Sadeh LLC may seek increased consideration, additional disclosures and information, or other relief and benefits.

Halper Sadeh LLC represents investors all over the world who have fallen victim to securities fraud and corporate misconduct. Our attorneys have been instrumental in implementing corporate reforms and recovering millions of dollars on behalf of defrauded investors.

Attorney Advertising. Prior results do not guarantee a similar outcome.

Contact Information:

Halper Sadeh LLC
Daniel Sadeh, Esq.
Zachary Halper, Esq.
One World Trade Center
85th Floor
New York, NY 10007
(212) 763-0060
[email protected]
[email protected]
https://www.halpersadeh.com

SOURCE Halper Sadeh LLP

  Kaskela Law Encourages GBTG Shareholders to Contact the Firm to Discuss Their Rights and Options to Seek Additional Compensation

, /PRNewswire/ -- Kaskela Law is investigating the recently announced proposed buyout of Global Business Travel Group, Inc. (NYSE: GBTG) ("Amex GBT") shareholders to determine whether the transaction as structured is fair and provides sufficient value to investors for their shares.

Click here for additional information: https://kaskelalaw.com/case/global-business-travel-group/

On May 4, 2026, Amex GBT disclosed its agreement to become a private entity, valuing each share at $9.50 in cash. Once this transaction is finalized, public investors in Amex GBT will have their investment positions converted to cash, and the company's stock will no longer be traded on public exchanges.

An examination is being conducted to ascertain if Amex GBT's investors are being suitably compensated financially for their stock holdings. This inquiry also addresses whether the company's leadership, including its officers and/or directors, failed in their fiduciary responsibilities or contravened securities regulations by agreeing to the acquisition price of $9.50 per share. It is worth highlighting that, at the very moment the transaction was publicly disclosed, a minimum of one financial analyst had valued Amex GBT's shares at $12.00 per share.

Amex GBT shareholders are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (484) 229 - 0750 for additional information about this investigation and their time sensitive legal rights and options to seek additional compensation for their shares.

Alternatively, investors may submit their information to the firm by clicking on the following link (or if necessary, by copying and pasting the link into your browser):

https://kaskelalaw.com/case/global-business-travel-group/

ABOUT KASKELA LAW:  
Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation on a contingent basis (i.e., the firm's clients are never responsible for any out-of-pocket costs for legal representation).  Since 2020, the firm has helped to recover over $500 million for investors.  For additional information about Kaskela Law LLC, including the firm's recent notable recoveries for investors, please visit www.kaskelalaw.com.

KASKELA LAW LLC
D. Seamus Kaskela, Esq.
([email protected])
Adrienne Bell, Esq.
([email protected])
18 Campus Blvd., Suite 100
Newtown Square, PA 19073
(484) 229 - 0750
www.kaskelalaw.com

This communication may constitute attorney advertising in certain jurisdictions.

SOURCE Kaskela Law LLC

NEWTOWN SQUARE, Pa.--(BUSINESS WIRE)--Kaskela Law is investigating the fairness of the recently announced buyout of Global Business Travel Group, Inc. (NYSE: GBTG) (“GBTG”) shareholders to determine whether the transaction as structured provides investors with a sufficient price for their GBTG shares.

This investigation seeks to determine whether GBTG and/or the company’s officers and directors violated the securities laws or breached their fiduciary duties in connection with recent corporate actions, leading to shareholder losses.

Share Click here to register for additional information about this investigation: https://kaskelalaw.com/case/global-business-travel-group/

On May 4, 2026, GBTG announced that it had agreed to go private at a price of $9.50 per share in cash. Upon completion of the transaction, GBTG’s public shareholders will be cashed out of their investment position, and the company’s shares will no longer be publicly traded.

The investigation seeks to determine whether GBTG investors will receive sufficient monetary consideration for their shares, and whether the company's officers and/or directors breached their fiduciary duties or violated the securities laws in agreeing to the $9.50 per share buyout price. Notably, at the time the proposed transaction was announced, at least one stock analyst was maintaining a price target for GBTG’s shares of $12.00 per share – over 25% higher than the buyout price.

GBTG shareholders who think the buyout price is too low are encouraged to contact lead investigative attorney Adrienne Bell, Esquire at (484) 229 – 0750, by email at [email protected], or by filling out the online form at:

https://kaskelalaw.com/case/global-business-travel-group/

ABOUT KASKELA LAW:

Kaskela Law LLC exclusively represents investors in securities fraud, corporate governance, and merger & acquisition litigation on a contingent basis (i.e., the firm’s clients are never responsible for any out-of-pocket costs for legal representation). Since 2020, the firm has helped to recover over $500 million for investors. For additional information about Kaskela Law LLC, including the firm’s recent notable recoveries for investors, please visit www.kaskelalaw.com.

This communication may constitute attorney advertising in certain jurisdictions.