Track market-moving stories before they get noisy

Boeing and Airbus are starting to map out the next generation of narrow-body aircraft, but the world's two dominant planemakers say their airline customers are more concerned with getting today's jets delivered than pressing for all-new models.

Boeing CEO Kelly Ortberg said Monday that the company still needs "a couple more years" to put its finances in a position to support a new commercial aircraft program. 

Airbus CEO Guillaume Faury, meanwhile, said the European manufacturer is targeting the launch of a next-generation single-aisle program around 2030, with entry into service in the second half of the following decade.

While the two CEOs struck different tones, they pointed to broadly similar timeframes.

Airbus has publicly attached a target year to launch its next aircraft. Boeing is indicating that it could be financially capable of moving on a similar horizon, while preserving the option to wait if the technology or market case is not strong enough.

"We think about three things that have to happen," Ortberg told CNBC's Phil LeBeau. "First of all, we have to be ready, and part of that is getting our financial house in order, and we're working on that. It's going to take a couple more years to get where we want to be."

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The technology also has to be ready, he said, and airline customers must be ready to move on from Boeing's current product line.

"The market's got to be ready. Right now, the customers are telling me, 'focus on your existing product line, we really want to see better maturity of the existing product line before we move to a new airplane.'"

It comes as aircraft manufacturers experience persistent production bottlenecks across the industry. Boeing is trying to increase 737 Max output and is still reeling from a series of production and quality issues and a near-catastrophic blowout of a fuselage door plug in January 2024.

Airbus has said engine availability, particularly from Pratt & Whitney, forced it to adjust production plans for this year and next, although Faury said the situation had stabilized.

Faury said Airbus is focused on ramping production and delivering aircraft already on order even as it prepares its next generation of commercial aircraft.

"We're a long-term industry," Faury said. "It takes time to prepare the technologies, to launch a program for the product, for the production system, [to] enter into service with the certification, do the ramp up."

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Faury said Airbus is preparing its next-generation single-aisle aircraft and wants to maintain its lead in that market. The company is targeting a program launch around 2030 and entry into service in the second half of the 2030s.

For both manufacturers, however, increasing production and delivering existing orders remain the more immediate tasks.

Aircraft deliveries in focusRBC Capital Markets analysts said last week that investors are focused on Boeing's ability to increase production of the 737 Max and 787, complete certification of the Max 7 and Max 10, improve margins, and generate cash.

"The primary focus for investors will remain on the state of the supply chain and delivery schedules," the analysts wrote in a note to clients.

The same appears to be true for Airbus. RBC said investors were looking for a clearer path to Airbus's A320 and A350 production goals after the company's stronger second-quarter deliveries boosted confidence in its full-year target.

Airbus has a backlog of over 9,000 aircraft, and demand continues to outpace available supply. Airbus booked 51 A320neo orders in June, while second-quarter delivery growth was driven almost entirely by the A320 family, according to Jefferies analysts.

Jefferies said Airbus's growing delivery volume of A320-family aircraft – 190 in the second quarter – is expected to drive a significant improvement in earnings. Airbus reports deliveries on a monthly basis and will publish its quarterly earnings report next week.

At Boeing, the focus remains on completing the current 737 Max family.

Jefferies said on Sunday that certification work on the 737 Max-7 and Max-10 was 95% and 98% complete, respectively. The Max-10 had 1,533 aircraft on order, accounting for roughly a third of Boeing's 737 backlog.

Ortberg said on Monday that the 737 Max-7 certification with the FAA is expected "very shortly" and would mark a critical milestone, as it would be the first new airplane the FAA has certified in a long time. 

Boeing has also invested about $1 billion in a fourth 737 Max production line in Everett, Washington, which will eventually allow the company to raise production beyond the capacity of its three existing Renton lines.

That suggests investors and airline customers are broadly aligned: both want the manufacturers to execute on the aircraft already promised.

While both Boeing and Airbus work through large order backlogs and production constraints, airlines continue to add capacity using existing aircraft models.

Ryanair, Boeing's largest customer outside of the U.S., Chief Financial Officer Neil Sorahan said Monday that the delivery of the last aircraft in its current order of Boeing 737 Max 8-200 jets helped Ryanair expand its fleet to just under 650 aircraft and grow first-quarter traffic by 6%.

The airline expects passenger numbers to grow about 4% this year to 216 million, Sorahan told CNBC's "Squawk Box."

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While neither manufacturer appears to be under intense pressure from customers to move faster, work on the next-generation aircraft continues. 

The eventual successors to Boeing's 737 Max and Airbus' A320neo families may shape competition in the industry's largest commercial aircraft market for decades. But before Boeing and Airbus compete over tomorrow's narrow-body aircraft, both still have to deliver on today's orders.

Nvidia’s disclosed 9.3% stake in Nebius shows how the chipmaker is trying to shape the global artificial-intelligence ecosystem beyond selling processors.

A Schedule 13G lists 22,256,412 Nebius Class A shares. The position is not a surprise acquisition. It reflects the $2 billion investment announced on March 11, when Nvidia backed the AI-cloud operator’s data-centre expansion.

The disclosure highlights a strategic loop.

Nvidia powers Nebius’s cloud, while its investment gives the chipmaker exposure to the customer’s future growth.

Nvidia directly holds 1,190,476 Nebius shares and may obtain another 21,065,936 through a pre-funded warrant acquired in March.

The warrant and underlying shares are locked until September 11.

However, because it became exercisable within 60 days of July 13, securities rules required Nvidia to count the warrant shares as beneficially owned.

That raised the reported holding to 9.3%, from an estimated 8.3% in March.

Nvidia agreed to invest $2 billion at an effective price of $94.94 per share. Nebius said the proceeds would support its AI cloud and new data centres.

The Schedule 13G is a passive ownership filing, not evidence that Nvidia is preparing a takeover.

Nebius specialises in cloud infrastructure for companies training and running AI models.

Unlike diversified providers such as Amazon, Microsoft and Google, neoclouds concentrate on graphics-processor-intensive workloads.

The company plans to deploy more than five gigawatts of computing capacity by the end of 2030.

That should require substantial quantities of Nvidia processors, networking products and software, making Nebius both an investment and an important customer.

D.A. Davidson technology research head Gil Luria told Reuters in May that the greatest leverage was in “AI clouds and, specifically, Nebius”.

Luria was discussing another investor’s stake, but his assessment captures Nvidia’s logic.

He maintained a Neutral rating, warning that Nebius’s valuation could restrict near-term gains without additional catalysts.

AI start-up Reflection signed a computing agreement worth more than $1 billion with Nebius in July, including access to Nvidia’s latest chips.

Northland this week raised its Nebius target to $410 from $248 and retained an Outperform rating.

The firm said Nebius’s first secured financing backed by deployed GPU infrastructure was “answering a key lingering doubt” about funding expansion without repeated share issuance.

Also read- Apple stock: has Wall Street found its post-Nvidia AI trade?

The bullish interpretation is that Nvidia is using its balance sheet to expand the market for its technology.

Financing specialised cloud providers can create more computing capacity, accelerate new systems and reduce reliance on a few hyperscalers.

The concern is that Nvidia is funding businesses that may return part of that capital through chip purchases.

Critics argue such arrangements blur the line between independent demand and vendor-supported expansion.

Nebius also brings indirect exposure to construction costs, power availability and capital-intensive customers.

BofA analyst Vivek Arya called broader concerns about AI financing “highly overstated.”

He estimated circular arrangements would represent only 5% to 10% of roughly $5 trillion in AI spending expected through 2030.

Jito [JTO] climbed 11.59% over the previous 24 hours to $0.6087 as of writing, while its market capitalization reached $304.67 million as investor interest strengthened. Trading activity also accelerated, with daily volume surging 142.17%, indicating that buyers returned aggressively after recent weakness. 

The rally followed growing optimism surrounding JIP-38, a proposal that established Jito as a token-centric network by directing 100% of the Jito DAO’s revenue share from JTX Trade toward programmatic JTO buybacks and burns for at least one year. 

Positive sentiment surrounding Solana’s [SOL] institutional adoption and capital rotation into Solana ecosystem tokens further supported the move.  As a result, market participants increasingly viewed the proposal as a long-term value driver rather than a short-lived catalyst.

JTO’s leveraged traders return  Derivatives traders also increased their exposure as Open Interest (OI) rose 14.53% to $52.05 million at press time, during the rally. The increase suggested that fresh positions entered the market instead of existing contracts simply closing. 

Rising OI alongside double-digit price gains often reflected stronger market conviction because both spot and futures participants committed additional capital. 

Unlike rallies driven by declining derivatives exposure, JTO‘s advance attracted broader participation across multiple trading segments. The combination suggested traders expected the bullish narrative surrounding JIP-38 to continue influencing price action. 

However, expanding leveraged exposure also increased the probability of sharper volatility should sentiment reverse or profit-taking accelerate after the recent advance.

Source: CoinGlass Buyers maintained control across spot markets Spot market activity also favored buyers throughout the latest recovery. 

At  the time of writing, the 90-day Futures Taker CVD remained buy dominant, showing that aggressive market buyers consistently absorbed available sell orders. The behavior aligned with the sharp increase in trading volume, which expanded 142.17% over the previous day. 

Stronger buying pressure supported the price recovery instead of allowing sellers to regain control after recent weakness. 

In addition, the sustained demand complemented improving sentiment surrounding Jito’s revised tokenomics and the broader Solana ecosystem. Although buyers held the advantage, continued demand would remain necessary to absorb future profit-taking as speculative participation increased across both spot and derivatives markets.

Source: CryptoQuant Can JTO reclaim $0.80 next? JTO rebounded from the $0.5332 support area after breaking below its broader ascending channel earlier. 

Buyers pushed the token back toward $0.6500, which now represented the nearest resistance before a possible move toward $0.8000. The Directional Movement Index (DMI) also reflected improving conditions. 

At press time, the +DI stood at 21.23, remaining above the -DI at 20.56, while the ADX measured 19.43, suggesting bullish strength had started improving but remained below the threshold associated with a strong trend. 

If buyers reclaimed $0.6500, the chart suggested a retest of $0.8000 could follow. However, failure to hold above $0.5332 would likely expose JTO to another test of the $0.4054 support level.

Source: TradingView Conclusively, JTO’s rally reflected improving fundamentals, stronger buying pressure, and increasing trader participation rather than a purely speculative bounce. 

If buyers continue defending support and overcome the $0.6500 barrier, the token could challenge $0.8000 in the sessions ahead. However, weakening demand would likely delay that recovery and shift attention back toward the $0.5332 support zone.

Final Summary JTO’s rally gained support from stronger buying activity and growing confidence after the JIP-38 proposal. Rising Open Interest and steady spot demand kept bullish pressure intact, though $0.6500 remains the next key hurdle.

Affordable and scalable effector will strengthen RAF stockpile resilience

, /PRNewswire/ -- Farnborough International Airshow – Raytheon UK, part of RTX's (NYSE: RTX) Raytheon business, today introduced Red Kite®, its first sovereign precision weapon fully designed and digitally engineered in the United Kingdom.

Developed with a consortium of British defence partners, Red Kite is an affordable, highly deployable precision weapon that advances the UK's ability to rapidly scale critical stockpiles. Using advanced digital modelling technologies, the effector quickly moved from concept to prototype.

"Red Kite was designed with affordability and adaptability in mind, and marks a significant step forward for UK defence," said James Gray, managing director and chief executive of Raytheon UK. "Working closely with our partners over the past five years, we've combined innovative design, digital engineering and proven technologies to develop a sovereign capability for the RAF faster and more efficiently than ever." 

Red Kite uses the existing Stormbreaker® airframe and can be integrated across a wide range of air platforms. It builds on Raytheon UK's extensive experience delivering precision weapons, including Paveway IV and adds a cost-effective, high-volume capability that enhances RAF operational flexibility.

"Red Kite is about getting capability to the frontline faster – reducing cost, increasing availability and meeting our customers' needs when it matters most," added Gray. "It represents a clear step toward a more resilient, sovereign UK defence industrial base."

Red Kite will be delivered through a nationwide UK supply chain, bringing together specialist design, engineering and manufacturing expertise from across the country. From systems electronics and software in Harlow to control actuation systems in Glenrothes, the programme will sustain high-skilled jobs, advanced manufacturing and sovereign defence capabilities across England, Scotland and Wales. Raytheon UK estimates that approximately 140 highly skilled jobs will directly support this program.

About Raytheon UK
With over 2,000 employees in the UK, Raytheon UK is a major supplier and systems integrator to the UK Ministry of Defence that designs, develops and manufactures defence and space products. The company is also a leading provider of training transformations services and continues to invest in research and development, supporting innovation and technological advances across the country. Raytheon UK is part of RTX's Raytheon business.

About Raytheon
Raytheon, an RTX business, is a leading provider of defense solutions to help the U.S. government, our allies and partners defend their national sovereignty and ensure their security. For more than 100 years, Raytheon has developed new technologies and enhanced existing capabilities in integrated air and missile defense, smart weapons, missiles, advanced sensors and radars, interceptors, space-based systems, hypersonics and missile defense across land, air, sea and space.

About RTX
With more than 180,000 global employees, we push the limits of technology and science to redefine how we connect and protect our world. With industry-leading capabilities, we advance aviation, engineer integrated defense systems for operational success, and develop next-generation technology solutions and manufacturing to help global customers address their most critical challenges. The company, with 2025 sales of more than $88 billion, is headquartered in Arlington, Virginia.

For questions or to schedule an interview, please contact [email protected].

SOURCE RTX

TRONDAO has cemented its position as one of the leading blockchain networks for stablecoin settlements in 2026, securing $9.7 billion in added stablecoin market capitalization over the past year. This surge places the network second only to Ethereum in terms of total stablecoin volume handled among blockchains.

TRONDAO rises as stablecoin settlement hubThe recent influx into the TRON network is widely attributed to its low transaction fees and significant processing capacity, making it an attractive destination for digital dollar transfers globally. According to data provided by on-chain analytics platforms such as DefiLlama and CoinMarketCap, TRON has consistently reported the highest stablecoin transaction volume outside of Ethereum.

USDT, or Tether, represents the largest portion of stablecoins circulating on TRON, fueling cross-border payment solutions and acting as a bridge for international exchanges. The network’s ability to process transactions at costs amounting to fractions of a cent while maintaining instant settlement further enhances its appeal to both institutions and retail users.

Mini dictionary: TRONDAO is the autonomous decentralized organization that governs the TRON blockchain protocol, overseeing network upgrades and ecosystem growth.

The growing popularity of TRON is particularly evident in markets where Ethereum’s mainnet fees have become prohibitive, allowing TRON to capture users and transactional volume that require affordable, efficient, and reliable settlement options.

BlockchainStablecoin Market Cap Added (1 Year)Main StablecoinKey AdvantageEthereumHigher than $9.7 billionUSDT, USDC, DAIWidest DeFi ecosystemTRON$9.7 billionUSDTLow fees, fast settlementsRegulatory focus and future directionsThe sharp rise in stablecoin activity conducted via TRON has attracted the attention of regulatory bodies, with a significant share of transactions now occurring on a single chain. This trend highlights the ongoing competition among Layer-1 blockchains for dominance in stablecoin liquidity—a critical indicator of ecosystem utility and adoption.

TRONDAO’s next steps reportedly include deepening partnerships with compliant stablecoin issuers and supporting decentralized finance (DeFi) protocols, aiming to enable broader possibilities for stablecoin utilization within the network beyond basic settlements.

Market observers have pointed out that the strong demand for on-chain dollar assets during times of global financial uncertainty has contributed to TRON’s expanding role, especially within enterprise blockchain use cases.

At the same time, observers have expressed concerns about the network’s reliance on a single stablecoin and the corresponding risks of centralization, which may create compliance vulnerabilities as institutional participation grows.

Outlook for TRON in emerging marketsCost efficiency continues to benefit both retail users and institutions operating in emerging economies, where affordable USDT transfers are crucial. In many cases, withdrawal fees from exchanges have dropped as more transactions shift to the TRON network.

Layer-1 competition in the stablecoin sector, as reflected in TRON’s performance, is expected to remain a key metric for assessing blockchain utility and overall network health.

As TRONDAO moves forward, its commitment to infrastructure development and regulatory compliance is expected to shape the evolving landscape of stablecoin settlements and DeFi activity.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

https://247wallst.com/investing/2026/07/08/morgan-stanley-says-a-1-trillion-shift-is-coming-to-wealth-management/

Morgan Stanley, Wall Street’s largest wealth manager, has filed for a Solana spot ETF with the lowest sponsor fee in the U.S., at 0.14%. Concurrently, SBI Global Asset Management has launched Japan’s first tokenized equity fund on the Solana blockchain. Despite these significant institutional developments, Solana’s native token, SOL, remains at a 2.5-year low, within the $68–$77 range.

The Morgan Stanley ETF filing includes prominent service providers such as Figment, Galaxy Blockchain Infrastructure, and Coinbase Canada, passing 95% of yield rewards to fund holders. Meanwhile, the SBI-JX fund offers institutional and accredited investors on-chain access to a high-dividend Japanese equity strategy. These moves mark a notable increase in institutional infrastructure around Solana, suggesting a growing adoption of blockchain technology in traditional financial markets.

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Despite these advances, market pricing suggests limited immediate impact on Solana’s price, with a consistent risk-off sentiment prevailing. Current market data indicates only a 9% likelihood that Solana will reach $90 by August 1, 2026, reflecting cautious optimism amid broader market conditions.

Key Takeaways Morgan Stanley’s filing of a low-fee Solana ETF and SBI’s launch of a tokenized equity fund on Solana suggest increased institutional interest in the blockchain. Solana’s price remains near multi-year lows, indicating a disconnect between institutional adoption and current market sentiment. Market pricing suggests a low probability of significant short-term price increases for Solana, with a 9% chance of reaching $90 by early August. What to Watch Investors and analysts will be closely monitoring the response of the SEC to Morgan Stanley’s ETF filing, as approval could indicate increased institutional adoption. Additionally, the performance and adoption of the SBI-JX fund in Japan may provide further insights into the viability of tokenized equity products. Market participants will also watch for broader macroeconomic factors and regulatory developments that could impact Solana’s price trajectory.

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Term Structure

Contract Odds Δ since publish Volume 24h August 1 2026 9% — — View market → August 1 2026 0.2% — — View market → August 1 2026 0.1% — — View market → August 1 2026 0.9% — — View market → August 1 2026 0.7% — — View market → August 1 2026 0.5% — — View market → August 1 2026 1.9% — — View market → August 1 2026 0.5% — — View market → August 1 2026 3.1% — — View market → August 1 2026 0.1% — — View market → August 1 2026 0.9% — — View market → August 1 2026 0.1% — — View market → August 1 2026 21% — — View market → August 1 2026 0.1% — — View market → August 1 2026 0.1% — — View market →

Solana has unveiled a new platform that provides detailed, on-chain analytics for tokenized stocks, positioning itself prominently in the evolving landscape of digital asset management. Unlike early tokenized equity pilots, this development transforms tokenized stocks into quantifiable and transparent operations directly recorded on the blockchain.

New analytics platform emergesThe new Solana-based dashboard allows users to explore, filter, and compare tokenized equity market share across various blockchains. Investors and other stakeholders can analyze data by company, asset type, or token issuer, offering a level of insight that has rarely been available in the sector. Visualization tools include stacked horizontal bar charts, doughnut charts, and line graphs.

Users are able to drill down by metric, issuer, and underlying asset, providing customizable views of the tokenized equities ecosystem. This setup contrasts with typical total value locked (TVL) dashboards, offering nuanced analytics that track growth rates of individual issuers in relation to the broader development of digital assets.

The platform’s design responds to growing calls for transparency as more physical financial assets transition to digital forms. This increased openness seeks to reduce knowledge gaps between participants, benefiting institutional investors, funds, and exchanges through reduced informational asymmetry.

Institutions can now assess differences in liquidity, distribution mechanisms, and custody models among issuing platforms more efficiently. Developers are equipped to benchmark issuance activity and monitor evolving trends, while exchanges gain access to comparative data across multiple chains.

Mini dictionary: Tokenized equity, also known as tokenized stocks, refers to digital tokens that represent ownership in traditional company shares but are settled and tracked on a blockchain network, enabling fractional investment and transparent transfer of equity assets.

Solana’s focus on issuer-level and asset-level analytics offers a mature framework that provides not only visibility for traders, but also robust benchmarking and comparison capabilities for institutional market players.

Competitive environment among blockchainsSolana’s launch arrives at a time when other major blockchain networks, including Ethereum, Base, and some Layer 2 solutions, are expanding their own real-world asset (RWA) tokenization offerings. This environment of heightened competition drives innovations in analytics, transparency, and settlement technology.

The dashboard’s ability to compare Solana’s market share directly with rival chains is seen as a key differentiator. Analysts report that issuer- and asset-level data may help set industry standards as tokenized equities gain broader adoption.

The ongoing development of settlement systems, compliance mechanisms, and collaboration with broker-dealers is anticipated to shape the next phase of growth for digital securities. Reliable, standardized data feeds are expected to become vital infrastructure for exchanges and financial institutions in this space.

BlockchainFocus AreaKey Analytics AvailableSolanaTokenized equity, on-chain analyticsIssuer-level, asset-level, market shareEthereumRWA tokenization, DeFi integrationTVL, asset distributionBaseLayer 2 scaling, RWA initiativesTokenization metrics, scaling statsWith customizable data filters and multiple visualization formats, the Solana dashboard provides investors and developers with deeper insights into the growth and distribution of tokenized stocks across competing chains.

Industry strategies evolveSolana is reinforcing its position by providing market participants with actionable data for evaluating the performance and structure of tokenized asset issuers. The transition from basic experiments to measurable, on-chain operations marks a shift toward greater institutional adoption as transparency and comparability become industry standards.

As asset tokenization expands, future performance is expected to rely not only on market interest but also on enhancements to exchange features, compliance infrastructure, and settlement solutions. Collaborative initiatives involving broker-dealers are increasingly becoming integral to advancing digital equity trading.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

DETROIT — General Motors is set to report its second-quarter earnings before the bell Tuesday.

Here is what Wall Street is expecting, according to average estimates compiled by LSEG:

Earnings per share: $3.20 adjustedRevenue: $47.01 billionThose results would mark a more than 26% increase in adjusted earnings per share and 0.2% decline in revenue compared with a year earlier.

GM's 2025 second-quarter results included $47.12 billion in revenue, net income attributable to stockholders of $1.9 billion, and adjusted earnings before interest and taxes of $3.04 billion.

Aside from earnings and any changes to the automaker's 2026 guidance, investors will be monitoring effects from tariffs, vehicle pricing and commodity costs, including dynamic random access memory, or DRAM, chips.

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Barclays analyst Dan Levy said he expects both GM and its crosstown rival Ford Motor, which reports next week, to post earnings beats for the second quarter "and at least a soft raise."

"[Automakers] are benefiting from strong macro - US [seasonally adjusted annual rate] outperformed in 1H, while pricing has remained steady. Moreover, both Ford and GM have embedded conservatism in their guides," he said in a July 8 investor note.

GM raised its 2026 adjusted earnings guidance in April to reflect a $500 million tariff rebate to between $13.5 billion and $15.5 billion, or $11.50 to $13.50 a share, up $500 million, or 50 cents per share, from its previous expectations.

Zions Bancorporation, National Association (ZION) Q2 2026 Earnings Call July 20, 2026 5:30 PM EDT

Company Participants

Dave Riches
Harris Simmons - Chairman & CEO
R. Richards - Executive VP & CFO
Scott McLean - President, COO & Director
Derek Steward - Executive VP & Chief Credit Officer

Conference Call Participants

John Pancari - Evercore ISI Institutional Equities, Research Division
David Smith - Truist Securities, Inc., Research Division
Manan Gosalia - Morgan Stanley, Research Division
Bernard Von Gizycki - Deutsche Bank AG, Research Division
Benjamin Gerlinger - Citigroup Inc., Research Division
David Chiaverini - Jefferies LLC, Research Division
Christopher McGratty - Keefe, Bruyette, & Woods, Inc., Research Division
Kenneth Usdin - Bernstein Autonomous LLP
Peter Winter - D.A. Davidson & Co., Research Division
David Rochester - Cantor Fitzgerald & Co., Research Division
Anthony Elian - JPMorgan Chase & Co, Research Division
Sun Young Lee - TD Cowen, Research Division
Christopher Spahr - Wells Fargo Securities, LLC, Research Division
Jon Arfstrom - RBC Capital Markets, Research Division

Presentation

Operator

Greetings, and welcome to the Zions Bancorp Second Quarter Earnings Conference Call. [Operator Instructions] Please note that this conference is being recorded. I'll now turn the call over to Dave Riches. Thank you, Dave. You may begin.

Dave Riches

Thank you, Julian, and good evening, everyone. Welcome to our conference call to discuss Zions Bank Corporation's Second Quarter 2026 results. My name is Dave Riches, Interim Director of Investor Relations. Before we begin, I would like to remind you that during this call, we will be making forward-looking statements. Actual results may differ materially. We encourage you to review the forward-looking statements and non-GAAP disclosures in our press release and on Slide 2 of today's presentation, which apply equally to statements made during this call.

A copy of the earnings release and the presentation are available at zionsbancorporation.com. For our agenda today, Chairman and Chief Executive Officer, Harris Simmons, will

James N. Wilson, a director at Corcept Therapeutics Incorporated (CORT +1.25%), sold 10,000 shares of the company on July 15, 2026, according to an SEC Form 4 filing.

Transaction summaryMetricValueTransaction value$883,000Shares sold10,000Post-transaction shares (indirectly held)1,484,543Post-transaction value$132.97 millionTransaction value based on SEC Form 4 weighted average sale price ($88.30); post-transaction value based on July 15, 2026 market close ($89.57).

Key questionsWhat was the structural mechanism behind this transaction?
The sale was executed pursuant to a Rule 10b5-1 trading plan adopted on March 12, 2026, which allows insiders to sell a predetermined number of shares at set times to avoid concerns about trading on non-public information.How is the insider's remaining equity distributed?
Wilson's remaining position of about 1.5 million shares is held through three indirect entities: the James N. Wilson and Pamela D. Wilson Trust (1,084,543 shares), the James N. Wilson 2025 Grantor Retained Annuity Trust (200,000 shares), and the Pamela D. Wilson 2025 Grantor Retained Annuity Trust (200,000 shares).What is the recent performance context for the stock?
At the time of the transaction on July 15, 2026, the company's shares had achieved a one-year return of about 25%, providing a backdrop of price appreciation for this routine liquidity event.Company OverviewMetricValueShare Price (as of market close 2026-07-16)$89.72Market Capitalization$9.6 billionRevenue (TTM)$769.1 millionNet Income (TTM)$47.3 millionCompany SnapshotCorcept Therapeutics is a specialty pharmaceutical company that discovers, develops, and commercializes treatments for serious metabolic, oncological, and neuropsychiatric disorders, with its flagship product Korlym (mifepristone) tablets generating substantial revenue from adult patients with endogenous Cushing's syndrome.The company operates a focused business model centered on the development and commercialization of targeted pharmaceutical therapies, generating revenue primarily through the sale of its approved medications to healthcare providers and patients in the United States.Corcept Therapeutics serves physicians and patients within specialty care settings, particularly those treating endocrine disorders and other serious metabolic conditions, with a target market encompassing hospital systems, specialty clinics, and individual practitioners across the United States.Corcept Therapeutics is a specialty pharmaceutical company with a market capitalization of $9.6 billion, generating TTM revenues of $769.1 million and net income of $47.3 million. The company maintains a focused pipeline strategy centered on its commercial flagship Korlym, which addresses a significant unmet medical need in endogenous Cushing's syndrome treatment, positioning it as a specialized player within the pharmaceutical sector with demonstrated profitability and revenue growth momentum.

What this transaction means for investorsWilson sold at $88.30, which is roughly two and a half times where this stock closed on the last day of 2025, when the New Year’s Eve session wiped out 50% of Corcept's value in a day, dropping shares to $34.83 after the FDA rejected relacorilant for hypercortisolism. That means the plan he adopted in March was written into a recovery, not a decline, and the timing looks less like a call than a schedule catching a rebound. His trusts still hold about 1.5 million shares, including two grantor retained annuity trusts set up last year, which is estate planning rather than exit planning.

Meanwhile, the ongoing rebound has a cause. The same drug the FDA turned away in December won approval in ovarian cancer, and Corcept raised full-year revenue guidance to between $950 million and $1.05 billion. CEO Joseph Belanoff said after the rejection he was "confident we will find a way" forward. For long-term investors, the December gap is an important lesson. One regulatory letter halved this company, and its next act still depends on how far a single molecule can stretch.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Corcept Therapeutics. The Motley Fool has a disclosure policy.

Grayscale filed with the SEC on July 20 for a spot Worldcoin (WLD) exchange-traded fund. The fund would trade on Nasdaq under the ticker GWLD.

Bloomberg ETF analyst James Seyffart confirmed the filing on X. The twist is that Grayscale’s own paperwork spells out why WLD is such a risky bet.

What the Grayscale Worldcoin ETF Filing SaysThe SEC filing shows Grayscale moved fast. It formed the trust on July 10 and filed just 10 days later. BitGo will hold the WLD, and BNY Mellon will run the fund’s books.

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Grayscale knows this path well. Its Bitcoin Trust became a spot ETF in January 2024 after the firm beat the SEC in court. Solana and Dogecoin funds followed in late 2025.

Some details are still missing. The fee is blank, and no trading partners are named yet.

The Risks Grayscale Itself ListsWorldcoin verifies humans by scanning their eyes with a device called the Orb. The filing admits regulators pushed back hard. Spain, Portugal, Germany, Hong Kong, Brazil, Kenya, and Indonesia all took action between 2024 and 2025.

The token math looks rough too. The 100 largest wallets hold about 90% of circulating WLD. Team and investor tokens keep unlocking until around July 2028.

Then there is the price. WLD trades near $0.375, up 3.3% on the day. That is still about 97% below its March 2024 peak of $11.74.

Worldcoin (WLD) Price Performance. Source: BeInCryptoA June treasury purchase gave the token a brief lift. Meanwhile, Tools for Humanity layoffs at the project’s lead developer dragged it back down.

GWLD cannot trade until the SEC signs off and Nasdaq clears the listing. Easier access may help, but WLD’s path forward likely hinges on those token unlocks.

Bank Earnings Are Roaring, But Wall Street Isn't Ready to CelebrateNVIDIA NASDAQ: NVDA used its 2026 SIGGRAPH Research Keynote to outline a broad push to combine computer graphics, simulation and artificial intelligence, including a new DLSS 5 technology for real-time rendering, advances in AI-assisted physics simulation and new additions to its Cosmos world foundation model platform for physical AI.

The keynote opened with NVIDIA framing computer graphics as entering “a new era,” with AI increasingly tied to rendering, simulation, robotics and digital twins. Jensen, who introduced the session, said NVIDIA’s history at SIGGRAPH has included programmable GPUs, CUDA, RTX and Omniverse, and argued that virtual worlds will be central to training robots before they operate in the real world.

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2 Quantum Stocks That Could Challenge IonQ’s Leadership“Before robots operate in the real world, they will learn in virtual worlds with synthetic experiences,” Jensen said. “That is why computer graphics matter more than ever.”

DLSS 5 Targets Real-Time Photorealism Edward Liu, NVIDIA’s Director of Applied Deep Learning Research and the technical leader behind DLSS, introduced DLSS 5, describing it as a new generation of the company’s AI rendering technology. Liu said DLSS 5 uses traditional rendering as a foundation, then applies generation to enrich the final appearance of the image in real time.

The SK Hynix IPO and 2027’s AI Memory Squeeze“The renderer keeps building the world exactly as the game has authored it,” Liu said. “The generation becomes the learned stage afterwards to enrich its appearance.”

Liu said DLSS 5 is intended to combine the controllability of rendering with the photorealistic knowledge learned by generative models. He emphasized that the technology is not designed to replace graphics pipelines, but to extend them. He described DLSS 5 as adding a third category of AI use in real-time rendering, alongside reconstruction and function approximation.

According to Liu, NVIDIA had to address three core challenges: preserving artistic intent, maintaining temporal coherence frame by frame and fitting within the tight performance budget of real-time games. He said the model uses renderer outputs and internal buffers such as albedo, surface normals and lighting information to preserve details that are important to a scene, while enhancing elements such as subsurface scattering, material response, contact shadows and environment lighting.

Liu said DLSS 5 runs causally, “one frame in, one frame out,” without looking ahead, and was distilled into a smaller one-step pixel-space diffusion transformer model focused specifically on making real-time rendering appear more realistic. He said DLSS 5 is “shipping this fall.”

Artists Get Controls Over AI-Enhanced Frames Gaff, described as a creative artist, demonstrated how developers and artists can direct DLSS 5. He said the technology respects the original rendered frame and does not change geometry, but can uplift images by improving contrast, ambient occlusion, contact shadows, reflections and subsurface scattering.

Gaff showed controls including different models, structure intensity and tone intensity. He said developers can choose different models for different scenes or cut scenes, and can use masks to apply DLSS 5 effects to specific characters, props or parts of an environment.

“DLSS 5 is fully controllable from the developer,” Gaff said, adding that NVIDIA is working with partners to incorporate feedback so the technology can serve artists, art directors and creative directors.

NVIDIA Highlights AI Physics for Simulation Neil Ashton discussed physics-based simulation and how AI could help reduce the computational cost of high-fidelity simulations. He pointed to a large climate simulation running on more than 20,000 GPUs at one-kilometer resolution and a 50 billion-cell grid, calling it an example of the accuracy possible with physics-based methods but also a reminder of their cost.

Ashton said AI models trained on simulation data are already being used in weather and climate, where they can predict future weather in seconds or minutes compared with hours or days. He said weather centers now use AI models in production, and highlighted StormScope as an advanced AI model trained on satellite and observation data for storm prediction.

He also described applying similar methods to engineering simulations, such as airflow over aircraft. Ashton said an open dataset of roughly 2,000 aircraft simulations generated about 200 terabytes of data, while the trained model checkpoint was about 200 megabytes. He said the model could predict unseen geometries or boundary conditions more than 10,000 times faster, with accuracy within about 1% or 2%.

Cosmos Platform Expands for Physical AI Ming Liu, VP of the Cosmos Lab at NVIDIA, said physical AI faces a data problem because robots need to learn from the real world, but real-world data is slow to collect. He described Cosmos as NVIDIA’s world foundation model for physical AI developers, designed to provide better data, better environments and better starting points.

Liu said Cosmos can support world understanding, prediction, simulation and action using one shared representation, based on the idea that physical AI tasks draw from the same physics. He described a mixture-of-transformers architecture with an autoregressive tower for reasoning and a diffusion tower for generation, aligning language, vision, audio and action.

Liu announced Cosmos 3 Edge, a four-billion-parameter model built to run real time on devices such as Jetson Thor, RTX and DGX Spark. He said it is intended to enable robot policy and video analytics without a round trip to a data center. NVIDIA also demonstrated a robot arm and camera connected to Jetson Thor running Cosmos 3 Edge policy for real-time control.

Liu also announced Cosmos Dreams, described as neural closed-loop simulators. The first version is designed for autonomous vehicles, generating what vehicle sensors will see based on actions taken by a policy model. In a live demo, Andy showed an autonomous driving simulation generated from a single frame and controlled with a PS5 controller, running on a single RTX 6000 Ada Generation workstation GPU.

Liu said Cosmos Dreams can be used for policy verification and training by generating scenarios that are difficult to craft in the real world. He said Cosmos is being used across NVIDIA efforts including Metropolis VSS, Isaac, Optane and GR00T, and invited developers and partners to join the Cosmos platform.

About NVIDIA (NASDAQ:NVDA)NVIDIA Corporation, founded in 1993 and headquartered in Santa Clara, California, is a global technology company that designs and develops graphics processing units (GPUs) and system-on-chip (SoC) technologies. Co-founded by Jensen Huang, who serves as president and chief executive officer, along with Chris Malachowsky and Curtis Priem, NVIDIA has grown from a graphics-focused chipmaker into a broad provider of accelerated computing hardware and software for multiple industries.

The company's product portfolio spans discrete GPUs for gaming and professional visualization (marketed under the GeForce and NVIDIA RTX lines), high-performance data center accelerators used for AI training and inference (including widely adopted platforms such as the A100 and H100 series), and Tegra SoCs for automotive and edge applications.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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BOK Financial (BOKF - Free Report) came out with quarterly earnings of $2.59 per share, beating the Zacks Consensus Estimate of $2.56 per share. This compares to earnings of $2.19 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +1.17%. A quarter ago, it was expected that this Regional banking operator would post earnings of $2.3 per share when it actually produced earnings of $2.58, delivering a surprise of +12.17%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

BOK Financial, which belongs to the Zacks Banks - Southwest industry, posted revenues of $589.4 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 5.46%. This compares to year-ago revenues of $535.26 million. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

BOK Financial shares have added about 19.2% since the beginning of the year versus the S&P 500's gain of 8.9%.

What's Next for BOK Financial?While BOK Financial has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for BOK Financial was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $2.47 on $569.6 million in revenues for the coming quarter and $10.28 on $2.26 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Banks - Southwest is currently in the top 18% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

First Bank (FRBA - Free Report) , another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on July 23.

This company is expected to post quarterly earnings of $0.40 per share in its upcoming report, which represents a year-over-year change of -2.4%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

First Bank's revenues are expected to be $37.68 million, up 2.6% from the year-ago quarter.

Headline inflation beats, underlying pressures easing Tradables prices undershoot RBNZ's forecast September RBNZ hike likely, longer-term pricing looks excessive NZD/USD bulls retain technical advantage above support AUD/NZD breakdown keeps sellers firmly in control A beat, but with important caveats New Zealand consumer prices rose 1.5% in the June quarter, lifting the annual inflation rate to 4.1%. While that was above the 4.0% increase expected by economists, it fell just short of the Reserve Bank of New Zealand's 4.2% forecast released in May.

That suggests inflation remains uncomfortably high and is likely to keep the RBNZ on course to tighten policy further. However, the underlying details were more encouraging, with the broadest measure of core inflation easing further and domestic price pressures evolving broadly as the central bank had anticipated.

The composition of the report was arguably more important than the headline. While annual inflation accelerated, much of the increase reflected higher tradeable prices, which are influenced by developments offshore rather than domestic demand.

Source: FOREX.com, RBNZ, StatsNZ

Tradeable inflation accelerated to 4.9% over the year, driven largely by a 27.5% jump in petrol prices and a 71.0% surge in other vehicle fuels and lubricants. However, that was well below the RBNZ's 5.6% forecast, explaining why headline inflation also undershot the central bank's expectations.

By contrast, non-tradeable inflation, which is viewed as a better gauge of domestically generated price pressures, eased to 3.4% and matched the RBNZ's forecast. Electricity and local authority rates provided the largest upward pressure, while lower real estate services prices helped offset some of the increase.

The broadest measure of underlying inflation, CPI excluding the food group, household energy subgroup and vehicle fuels, also continued to ease, slipping to 2.5% from 2.6%. While it remains in the upper half of the RBNZ's 1–3% target band, the continued moderation suggests underlying inflation pressures are still moving in the right direction rather than becoming more entrenched.

Traders should now watch the release of the RBNZ's Sectoral Factor Model at 3pm Wellington time. The measure, which strips out temporary price movements to provide another gauge of underlying inflation, printed at 2.7% in the March quarter and could influence moves in New Zealand financial markets should it deliver a meaningful surprise.

What it means for the RBNZ

Source: Bloomberg

When all said and done, today's report is unlikely to materially alter the RBNZ's near-term thinking. Inflation remains above target and the central bank has already adopted an explicit tightening bias. Another 25 basis point increase in September still looks very likely and is close to fully priced, with the risk of a second move by October also deemed slightly more likely than not ahead of November's general election.

Further out, though, market pricing looks far too punchy. Overnight index swaps continue to imply close to five additional quarter-point increases by May next year, taking the OCR to around 3.75%.

That profile looks too aggressive given the broader economic backdrop. While inflation remains high, underlying price pressures continue to ease and there is still ample slack in the labour market, with little evidence that wage growth is accelerating in a way that would warrant taking policy deep into restrictive territory.

The next major test for that view will come on 13 August, when the RBNZ releases its latest Survey of Expectations. Of particular interest will be the two-year inflation expectations measure, which climbed to 2.53% in May from 2.37% previously.

Another meaningful acceleration would strengthen the case for additional tightening, potentially even a 50 basis point move, which can't be ruled out given some of the hawkish rhetoric from external members of the Monetary Policy Committee. But if inflation expectations fail to accelerate again, it would cast doubt on the degree of tightening currently priced into the OIS curve.

At face value, today's report may be interpreted as hawkish given headline inflation exceeded economists' forecasts. I'm not convinced that's the right read. The underlying detail tells a different story, particularly with the broadest measure of core inflation continuing to ease and tradables inflation coming in well below the RBNZ's own forecast.

That's just one of several factors to consider when assessing directional risk for the Kiwi dollar. While domestic rates remain an important driver, recent price action has also become increasingly sensitive to broader risk appetite and changes in US interest rate expectations. Starting with NZD/USD, here's how the technical picture stacks up.

The battleground for Kiwi bulls

Source: TradingView

The RBNZ's hawkish tilt has helped support NZD/USD over recent weeks, allowing the pair to reclaim a cluster of key medium and long-term moving averages.

For now, though, it's a game of ping-pong. Buyers continue to emerge on dips towards the 100-day moving average, while rallies are being capped ahead of resistance at 0.5860. That's the initial range to watch.

The oscillators continue to favour the bulls. RSI (14) remains comfortably above the neutral 50 level at 63, while MACD has crossed above its signal line and remains in positive territory.

Should the pair break decisively above 0.5860, the next upside level to watch is 0.5920, an area that repeatedly acted as both support and resistance during April, May and June. Above that, attention shifts to 0.5992, the double top established earlier this year.

On the downside, initial support is provided by the 100, 200 and 50-day moving averages, along with horizontal support at 0.5796, another level that has repeatedly acted as both support and resistance in recent weeks. A break beneath the latter could open the door for a retracement towards 0.5747, with 0.5724 and the uptrend from the June lows the next levels to watch.

Breakdown keeps bears in control

Source: TradingView

As flagged earlier this month, AUD/NZD has broken below the uptrend from the June 2025 lows, with the pair also slipping beneath the 50 and 100-day moving averages. Along the way, it took out support at 1.2053 and 1.2000 before finding buyers at 1.1950.

For now, the pair is stuck in a narrow range between 1.2000 and 1.1950. We did see a bullish engulfing candle print on Monday following renewed upside in energy prices as the conflict in the Middle East escalated. However, that has not generated follow-through buying, with rallies continuing to stall ahead of 1.2000.

The message from the oscillators remains bearish. RSI (14) continues to set lower highs and sits well below the neutral 50 level at 33. That bearish message is being reinforced by MACD, which remains below its signal line and in negative territory.

Selling rallies and downside breaks remains the preferred strategy. Should the pair break decisively beneath 1.1950, there is little in the way of technical support until the 200-day moving average at 1.1835, followed by 1.1797, former resistance before February's upside breakout.

Should the pair reclaim 1.2000, the next upside levels to watch are 1.2053, followed by the confluence of the 100-day moving average and resistance at 1.2115. For now, though, selling rallies and downside breaks remains the preferred strategy.

From a fundamental perspective, with New Zealand's inflation report now out of the way, attention will quickly shift to Australia's labour force report on Thursday. Alongside broader risk sentiment, the release is likely to be influential on markets' assessment of the directional risks for the RBA cash rate moving forward.

After soaring more than 400% over the past year to $299, Nebius Group (NBIS +2.70%) stock has finally pulled back, falling roughly 32% from its peak (as of writing).

For many investors, that naturally raises the question: Is this an opportunity to buy one of the market's fastest-growing artificial intelligence stocks?

While the decline has made the stock more attractive than it was just a few weeks ago, investors shouldn't rush to buy simply because the share price is lower. After all, stocks don't become bargains because they fall. They become bargains when the underlying business improves faster than investor expectations.

That's the question investors should be asking about Nebius today.

Image source: Getty Images.

The business may actually be stronger today Despite the recent correction, nothing much has changed about Nebius' business.

The company recently reported revenue growth of 684% year over year to $399 million, while its AI cloud business grew an even more impressive 841%. Annual recurring revenue (ARR) reached a run rate approaching $2 billion, and management still expects ARR to reach between $7 billion and $9 billion by the end of 2026.

Those numbers suggest demand for Nebius' AI cloud platform remains exceptionally strong.

The broader industry backdrop also continues to support the company's growth. As enterprises increasingly adopt artificial intelligence (AI), demand for graphics processing units (GPUs) and AI cloud infrastructure remains robust.

The beauty of Nebius's business model is that it isn't building AI models itself. Instead, it provides the computing infrastructure needed to train and run them. In many ways, the company is selling the picks and shovels behind the AI boom.

So, regardless of which model wins eventually, Nebius will own a share of the market.

Today's Change

(

2.70

%) $

4.80

Current Price

$

182.51

So why did the stock fall? If the business continues performing well, why has the stock price declined? The answer, while not straightforward, probably lies in changing expectations.

Following its extraordinary rally, Nebius's stock was priced for near-perfect execution. Investors weren't simply expecting strong growth -- they were expecting the company to become one of the biggest winners in AI infrastructure.

When expectations become that high, even excellent businesses can see their share prices fall. To put it into perspective, the stock still trades at a price-to-sales (P/S) ratio of 58 times despite its recent correction.

In other words, likely, the market wasn't disappointed by Nebius' results. Instead, investors became more selective about how much they were willing to pay for AI infrastructure stocks after months of extraordinary gains.

Besides, there are also legitimate risks. Nebius plans to invest aggressively to expand its AI cloud infrastructure, requiring enormous capital expenditures over the coming years. In the first quarter of 2026 alone, the company's capex was $2.5 billion. While that spending could strengthen its competitive position, it also increases execution risk if AI demand eventually slows or supply catches up.

What should investors do now? For long-term investors, the recent pullback certainly makes Nebius more interesting than it was a month ago. But it doesn't automatically make the stock a bargain.

One lesson investors should not forget is that an exceptional business and an exceptional investment are not always the same thing. Even great companies can produce disappointing returns if investors pay too high a price.

Instead of focusing on the recent share price decline, investors should watch to see whether Nebius continues to sign long-term customer contracts, expand annual recurring revenue, generate attractive returns on capital, and build competitive advantages beyond simply renting GPUs.

If investors have conviction that Nebius can deliver on those fronts and are willing to tolerate volatility down the road, the recent stock correction could be a starting point to buy shares. Even then, they don't need to rush to load up.

But for the average conservative investor, Nebius's stock remains extremely risky due to its high valuation.

In the latest close session, Advanced Micro Devices (AMD - Free Report) was up +1.58% at $503.57. The stock outperformed the S&P 500, which registered a daily loss of 0.19%. Elsewhere, the Dow lost 0.59%, while the tech-heavy Nasdaq lost 0.05%.

Heading into today, shares of the chipmaker had lost 7.74% over the past month, lagging the Computer and Technology sector's loss of 4.32% and the S&P 500's gain of 0.55%.

The upcoming earnings release of Advanced Micro Devices will be of great interest to investors. The company's earnings report is expected on August 4, 2026. The company is forecasted to report an EPS of $1.6, showcasing a 233.33% upward movement from the corresponding quarter of the prior year. Meanwhile, the latest consensus estimate predicts the revenue to be $11.32 billion, indicating a 47.24% increase compared to the same quarter of the previous year.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $7.3 per share and revenue of $49.29 billion. These totals would mark changes of +75.06% and +42.31%, respectively, from last year.

Investors should also pay attention to any latest changes in analyst estimates for Advanced Micro Devices. Such recent modifications usually signify the changing landscape of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the past month, there's been a 1.05% rise in the Zacks Consensus EPS estimate. Advanced Micro Devices is currently sporting a Zacks Rank of #3 (Hold).

Digging into valuation, Advanced Micro Devices currently has a Forward P/E ratio of 67.95. This signifies a premium in comparison to the average Forward P/E of 22.7 for its industry.

We can also see that AMD currently has a PEG ratio of 1.23. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. The Computer - Integrated Systems was holding an average PEG ratio of 0.89 at yesterday's closing price.

The Computer - Integrated Systems industry is part of the Computer and Technology sector. At present, this industry carries a Zacks Industry Rank of 19, placing it within the top 8% of over 250 industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to use Zacks.com to monitor all these stock-influencing metrics, and more, throughout the forthcoming trading sessions.

Eli Lilly (LLY - Free Report) ended the recent trading session at $1,146.90, demonstrating a -2.73% change from the preceding day's closing price. This move lagged the S&P 500's daily loss of 0.19%. Meanwhile, the Dow lost 0.59%, and the Nasdaq, a tech-heavy index, lost 0.05%.

The stock of drugmaker has risen by 7.33% in the past month, leading the Medical sector's gain of 6.06% and the S&P 500's gain of 0.55%.

The investment community will be closely monitoring the performance of Eli Lilly in its forthcoming earnings report. The company is scheduled to release its earnings on August 5, 2026. In that report, analysts expect Eli Lilly to post earnings of $7.47 per share. This would mark year-over-year growth of 18.38%. In the meantime, our current consensus estimate forecasts the revenue to be $20.26 billion, indicating a 30.24% growth compared to the corresponding quarter of the prior year.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $34.55 per share and revenue of $85.78 billion. These totals would mark changes of +42.71% and +31.6%, respectively, from last year.

Investors might also notice recent changes to analyst estimates for Eli Lilly. These revisions help to show the ever-changing nature of near-term business trends. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Our research demonstrates that these adjustments in estimates directly associate with imminent stock price performance. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 3.52% lower. At present, Eli Lilly boasts a Zacks Rank of #3 (Hold).

From a valuation perspective, Eli Lilly is currently exchanging hands at a Forward P/E ratio of 34.13. This indicates a premium in contrast to its industry's Forward P/E of 16.49.

We can additionally observe that LLY currently boasts a PEG ratio of 1.48. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. As of the close of trade yesterday, the Large Cap Pharmaceuticals industry held an average PEG ratio of 2.65.

The Large Cap Pharmaceuticals industry is part of the Medical sector. Currently, this industry holds a Zacks Industry Rank of 231, positioning it in the bottom 7% of all 250+ industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.

Spotify (SPOT - Free Report) closed at $492.32 in the latest trading session, marking a +2.97% move from the prior day. This move outpaced the S&P 500's daily loss of 0.19%. Elsewhere, the Dow lost 0.59%, while the tech-heavy Nasdaq lost 0.05%.

Shares of the music-streaming service operator witnessed a gain of 2.15% over the previous month, beating the performance of the Computer and Technology sector with its loss of 4.32%, and the S&P 500's gain of 0.55%.

Investors will be eagerly watching for the performance of Spotify in its upcoming earnings disclosure. The company's earnings report is set to be unveiled on August 4, 2026. In that report, analysts expect Spotify to post earnings of $3.28 per share. This would mark year-over-year growth of 783.33%. Alongside, our most recent consensus estimate is anticipating revenue of $5.58 billion, indicating a 17.27% upward movement from the same quarter last year.

Looking at the full year, the Zacks Consensus Estimates suggest analysts are expecting earnings of $14.51 per share and revenue of $22.62 billion. These totals would mark changes of +22.04% and +16.41%, respectively, from last year.

Investors should also pay attention to any latest changes in analyst estimates for Spotify. These revisions help to show the ever-changing nature of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 1.15% lower. Spotify is holding a Zacks Rank of #4 (Sell) right now.

Looking at its valuation, Spotify is holding a Forward P/E ratio of 32.95. This denotes a premium relative to the industry average Forward P/E of 20.12.

We can additionally observe that SPOT currently boasts a PEG ratio of 1.18. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. By the end of yesterday's trading, the Internet - Software industry had an average PEG ratio of 1.09.

The Internet - Software industry is part of the Computer and Technology sector. This industry, currently bearing a Zacks Industry Rank of 91, finds itself in the top 37% echelons of all 250+ industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow SPOT in the coming trading sessions, be sure to utilize Zacks.com.

By PYMNTS  |  July 20, 2026

 | 

South Korea’s decision to fine American-owned eCommerce firm Coupang is straining relations between the two countries, Reuters reported Friday (July 20).

South Korea said the fine was imposed over a data leak, but American lawmakers said the move raises questions about whether the country is treating U.S. companies fairly, according to the report.

The fine of 625 billion won (about $422 million) followed Coupang’s November 2025 data leak, per the report.

The dispute over the fine has become serious enough that South Korea’s ambassador to the U.S. returned to Seoul to discuss it with officials in President Lee Jae Myung’s administration, the report said.

The ambassador, Kang Kyung-wha, told local media, per the report: “The issue is dragging on much longer than I expected.”

A lawmaker who is a member of South Korea’s ruling Democratic Party, Park Sun-won, said in the report that the fine imposed on Coupang was for the data leak and that the fine “would be the same for any company.”

A U.S. State Department spokesperson said in the report that South Korea “should not impose disproportionate burdens on U.S. companies.”

Coupang told Reuters that the company hopes to find a constructive resolution.

It was reported in November 2025 that Coupang is considered the “Amazon of South Korea” and that the data breach exposed personal information of the company’s entire customer base. The exposed data was limited to customers’ names, email addresses, phone numbers, shipping addresses and some order histories.

In December 2025, it was reported that an investor class action lawsuit filed in California alleged that Coupang violated securities laws after the data breach by misleading investors about its data security practices and failing to disclose the breach in a timely manner.

Coupang announced in December 2025 that the perpetrator of the data breach, a former Coupang employees, retained data from only 3,000 accounts, did not transfer the data to others, and later deleted the data when news outlets began reporting the incident.

Days later, on Dec. 29, Coupang issued an apology from the company’s interim CEO and said it would begin offering vouchers worth up to 55,000 won ($38) to each of the 33.7 million customers affected by the cybersecurity incident.

In January, it was reported that two Coupang investors called on the U.S. government to investigate South Korea’s handling of the incident and said the U.S. could also impose trade remedies in response to what they said was discriminatory treatment of Coupang.

When South Korea’s Personal Information Protection Commission levied the roughly $412 million fine on Coupang in June, it was reported that the fine was the largest ever imposed for a privacy violation in South Korea.

Louisiana-Pacific (LPX - Free Report) closed at $71.32 in the latest trading session, marking a -3.6% move from the prior day. This change lagged the S&P 500's daily loss of 0.19%. Meanwhile, the Dow experienced a drop of 0.59%, and the technology-dominated Nasdaq saw a decrease of 0.05%.

Prior to today's trading, shares of the home construction supplier had lost 4.62% lagged the Construction sector's loss of 4.61% and the S&P 500's gain of 0.55%.

The investment community will be closely monitoring the performance of Louisiana-Pacific in its forthcoming earnings report. The company is scheduled to release its earnings on August 5, 2026. The company is predicted to post an EPS of $0.61, indicating a 38.38% decline compared to the equivalent quarter last year. Our most recent consensus estimate is calling for quarterly revenue of $683 million, down 9.54% from the year-ago period.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $1.93 per share and a revenue of $2.57 billion, representing changes of -27.17% and -5%, respectively, from the prior year.

It is also important to note the recent changes to analyst estimates for Louisiana-Pacific. Recent revisions tend to reflect the latest near-term business trends. Consequently, upward revisions in estimates express analysts' positivity towards the business operations and its ability to generate profits.

Empirical research indicates that these revisions in estimates have a direct correlation with impending stock price performance. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 3.5% lower. As of now, Louisiana-Pacific holds a Zacks Rank of #4 (Sell).

Investors should also note Louisiana-Pacific's current valuation metrics, including its Forward P/E ratio of 38.33. Its industry sports an average Forward P/E of 27.07, so one might conclude that Louisiana-Pacific is trading at a premium comparatively.

It's also important to note that LPX currently trades at a PEG ratio of 2.33. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. As the market closed yesterday, the Building Products - Wood industry was having an average PEG ratio of 1.51.

The Building Products - Wood industry is part of the Construction sector. At present, this industry carries a Zacks Industry Rank of 61, placing it within the top 25% of over 250 industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

, /PRNewswire/ -- The Board of Directors of American Electric Power (Nasdaq: AEP) has declared a regular quarterly cash dividend of 95 cents per share on the company's common stock. The dividend is payable Sept. 10, 2026, to shareholders of record as of Aug. 10, 2026. 

About AEP
American Electric Power (Nasdaq: AEP) is committed to improving our customers' lives with reliable, affordable power. We plan to invest $78 billion from 2026 through 2030 to enhance service for customers and support the growing energy needs of our communities. Our nearly 18,000 employees operate and maintain the nation's largest electric transmission system with 40,000 line miles, along with more than 252,000 miles of distribution lines to deliver energy to 5.6 million customers in 11 states. AEP also is one of the nation's largest electricity producers with approximately 32,000 megawatts of diverse owned and contracted generating capacity. We are focused on safety and operational excellence, creating value for our stakeholders and bringing opportunity to our service territory through economic development and community engagement. Our family of companies includes AEP Ohio, AEP Texas, Appalachian Power (in Virginia, West Virginia and Tennessee), Indiana Michigan Power, Kentucky Power, Public Service Company of Oklahoma, and Southwestern Electric Power Company (in Arkansas, Louisiana, east Texas and the Texas Panhandle). AEP also owns AEP Energy, which provides innovative competitive energy solutions nationwide. AEP is headquartered in Columbus, Ohio. For more information, visit aep.com.

Website Disclosure
AEP may use its website as a distribution channel for material company information. Financial and other important information regarding AEP is routinely posted on and accessible through AEP's website at https://www.aep.com/investors/. In addition, you may automatically receive email alerts and other information about AEP when you enroll your email address by visiting the "Email Alerts" section at https://www.aep.com/investors/.

SOURCE American Electric Power

ROSEMONT, Ill., July 20, 2026 (GLOBE NEWSWIRE) -- Wintrust Financial Corporation (“Wintrust”, “the Company”, “we” or “our”) (Nasdaq: WTFC) announced record net income of $461.1 million, or $6.52 per diluted common share, for the first six months of 2026 compared to net income of $384.6 million, or $5.47 per diluted common share, for the same period of 2025. This represents a year-to-date net income increase of 20% compared to the same period of 2025. Pre-tax, pre-provision income (non-GAAP) for the first six months of the year totaled a record $671.6 million, compared to $566.3 million for the first six months of 2025.

The Company reported record quarterly net income of $233.7 million, or $3.30 per diluted common share, for the second quarter of 2026, compared to net income of $227.4 million, or $3.22 per diluted common share, for the first quarter of 2026. Pre-tax, pre-provision income (non-GAAP) for the second quarter of 2026 totaled a record $341.1 million, as compared to $330.5 million for the first quarter of 2026.

Timothy S. Crane, President and Chief Executive Officer, commented, “We are pleased to deliver record results for the first six months of the year. Second quarter 2026 represents the sixth consecutive quarter of record net income for the Company. Strong diversified loan growth funded by robust organic deposit growth highlights the underlying strength of our business model. We continue to leverage our customer relationships and unique market positioning to grow the balance sheet and create long term franchise value.”

Additionally, Mr. Crane noted, “Net interest margin in the second quarter remained within our expected range at 3.52% and we generated record net interest income attributable to strong average earning asset growth. Building on our momentum, we believe consistent balance sheet growth, coupled with a stable net interest margin, should result in net interest income expansion in future quarters.”

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

Total loans increased by $1.6 billion, or 12% annualized.Total deposits increased by $2.2 billion, or 15% annualized.Total assets increased by $2.5 billion, or 14% annualized.Net interest income increased to $597.4 million in the second quarter of 2026, compared to $579.0 million in the first quarter of 2026, driven by robust average earning asset growth. Net interest margin decreased to 3.50% (3.52% on a fully taxable-equivalent basis, non-GAAP) during the second quarter of 2026 primarily due to lower loan yields. Non-interest expense was impacted by the following: A $5.2 million reversal of an FDIC special assessment accrued in the first quarter of 2024. The special assessments were in response to certain bank failures in 2023 and the reversal is based on the FDIC's final determination of losses to its Deposit Insurance Fund. Provision for credit losses totaled $23.1 million in the second quarter of 2026, compared to a provision for credit losses of $29.6 million in the first quarter of 2026.Net charge-offs totaled $13.4 million, or 10 basis points of average total loans on an annualized basis, in the second quarter of 2026 down from $18.4 million, or 14 basis points of average total loans on an annualized basis, in the first quarter of 2026.Non-performing loans totaled $179.3 million and comprised 0.32% of total loans at June 30, 2026, as compared to $182.7 million and 0.34% of total loans at March 31, 2026. “Looking ahead, our pipelines remain strong and we believe we are well-positioned to generate consistent balance sheet growth while maintaining our disciplined underwriting standards. We remain committed to growing net interest income and exercising prudent expense management, which position us to deliver positive operating leverage for 2026”, Mr. Crane said.

The graphs shown on pages 3-7 illustrate certain financial highlights of the second quarter of 2026 as well as historical financial performance. See “Supplemental Non-GAAP Financial Measures/Ratios” at Table 18 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/da851221-c088-4baf-a1ec-e1a8c39faf8c

SUMMARY OF RESULTS:

BALANCE SHEET

Total assets increased $2.5 billion in the second quarter of 2026 compared to the first quarter of 2026, driven by a $1.6 billion increase in total loans. The strong loan growth was diversified across all major loan categories, including seasonally higher growth in our Premium Finance Receivables - Property and Casualty portfolio.

Total liabilities increased by $2.4 billion in the second quarter of 2026 compared to the first quarter of 2026, driven by a $2.2 billion increase in total deposits. Robust organic deposit growth in the second quarter of 2026 was driven by our diverse customer base and product offerings. Non-interest bearing deposit balances represented 19% 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 91.0%.

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 second quarter of 2026, net interest income totaled $597.4 million, compared to $579.0 million in the first quarter of 2026. The increase in net interest income in the second quarter of 2026 was driven by robust average earning asset growth of $2.1 billion.

Net interest margin was 3.50% (3.52% on a fully taxable-equivalent basis, non-GAAP) during the second quarter of 2026, down four basis points compared to the first quarter of 2026. The yield on earning assets declined four basis points during the second quarter of 2026 primarily due to a seven basis point decrease in loan yields. Funding cost on interest-bearing deposits remained unchanged compared to the first quarter of 2026. The net free funds contribution in the second quarter of 2026 was flat compared to the first quarter of 2026.

For more information regarding net interest income, see Table 4 through Table 8 in this report.

ASSET QUALITY

The allowance for credit losses totaled $481.2 million as of June 30, 2026, an increase from $471.6 million as of March 31, 2026. A provision for credit losses totaling $23.1 million was recorded for the second quarter of 2026 compared to $29.6 million recorded in the first quarter of 2026. The provision for credit losses recognized in the second quarter of 2026 reflects stable credit quality and a mostly stable macroeconomic forecast. However, given future economic performance remains uncertain, allowance results capture uncertainty related to credit spreads, equity market valuations, consumer & business sentiment, and the job market. For more information regarding the allowance for credit losses and provision for credit losses, see Table 11 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 June 30, 2026, March 31, 2026, and December 31, 2025 is shown on Table 12 of this report.

Net charge-offs totaled $13.4 million in the second quarter of 2026, a decrease of $5.0 million compared to $18.4 million of net charge-offs in the first quarter of 2026. Net charge-offs as a percentage of average total loans were 10 basis points in the second quarter of 2026 on an annualized basis compared to 14 basis points on an annualized basis in the first quarter of 2026. For more information regarding net charge-offs, see Table 10 in this report.

The Company’s loan portfolio delinquency rates remain low. For more information regarding past due loans, see Table 13 in this report.

Non-performing assets and non-performing loans were stable compared to prior quarter. Non-performing assets totaled $195.2 million and comprised 0.26% of total assets as of June 30, 2026, as compared to $200.2 million, or 0.28% of total assets, as of March 31, 2026. Non-performing loans totaled $179.3 million and comprised 0.32% of total loans at June 30, 2026, as compared to $182.7 million and 0.34% of total loans at March 31, 2026. For more information regarding non-performing assets, see Table 14 in this report.

NON-INTEREST INCOME

Non-interest income totaled $141.3 million in the second quarter of 2026, compared to $134.1 million in the first quarter of 2026.

Wealth management revenue decreased by approximately $2.2 million in the second quarter of 2026, compared to the first quarter of 2026. The decrease in the second quarter of 2026 was primarily driven by performance based revenues on certain customer relationships which positively impacted results in the first quarter of 2026. 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 $27.4 million in the second quarter of 2026, compared to $23.4 million in the first quarter of 2026. The increase in the second quarter of 2026 was primarily attributed to higher operational revenue. For more information regarding mortgage banking revenue, see Table 16 in this report.

The Company recognized approximately $1.8 million in net gains on investment securities in the second quarter of 2026 compared to approximately $31,000 in net losses in the first quarter of 2026. The net gains in the second quarter of 2026 were primarily the result of fair value adjustments on the Company’s equity investment securities with a readily determinable fair value.

For more information regarding non-interest income, see Table 15 in this report.

NON-INTEREST EXPENSE

Non-interest expense totaled $397.5 million in the second quarter of 2026, increasing $14.9 million, compared to $382.6 million in the first quarter of 2026. Non-interest expense, as a percent of average assets, remained stable at 2.21% in the second quarter of 2026.

Salaries and employee benefits expense increased by approximately $5.6 million in the second quarter of 2026, compared to the first quarter of 2026. This was primarily driven by higher commissions and incentives expense attributable to an increase in mortgage originations and a full quarter impact of the annual merit increases reflected in base salaries.

Advertising and marketing expense in the second quarter of 2026 totaled $20.4 million, which was a $7.2 million increase as compared to the first quarter of 2026. The increase in the second quarter was primarily driven by summer sports sponsorships and other community sponsorship events. 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.

FDIC insurance totaled $6.6 million in the second quarter of 2026, a $4.4 million decrease from the first quarter of 2026. This was primarily the result of a reversal of the $5.2 million FDIC special assessment recorded in the first quarter of 2024. The special assessments were in response to certain bank failures in 2023 and the reversal is based on the FDIC's final determination of losses to its Deposit Insurance Fund.

For more information regarding non-interest expense, see Table 17 in this report.

INCOME TAXES

The Company recorded income tax expense of $84.3 million in the second quarter of 2026 compared to $73.6 million in the first quarter of 2026. The effective tax rates were 26.5% in the second quarter of 2026 compared to 24.4% in the first quarter of 2026. 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 $140,000 in the second quarter of 2026, compared to net excess tax benefits of $6.6 million in the first quarter of 2026 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 second quarter of 2026, community banking increased its commercial, commercial real estate and residential real estate loan portfolios.

Mortgage banking revenue was $27.4 million for the second quarter of 2026, an increase of $4.0 million compared to the first quarter of 2026. See Table 16 for more detail. Service charges on deposit accounts totaled $21.2 million in the second quarter of 2026 as compared to $21.0 million in the first quarter of 2026. The Company’s gross commercial and commercial real estate loan pipelines remained solid as of June 30, 2026 indicating momentum for expected continued loan growth in the third 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 approximately $5.8 billion during the second quarter of 2026. Average balances increased by $361.6 million, as compared to the first quarter of 2026. The Company’s leasing divisions’ portfolio balances increased in the second quarter of 2026, with capital leases, loans, and equipment on operating leases of $3.1 billion, $1.2 billion, and $363.7 million as of June 30, 2026, respectively, compared to $3.0 billion, $1.2 billion, and $362.8 million as of March 31, 2026, respectively. Revenues from the Company’s out-sourced administrative services business were $1.3 million in the second quarter of 2026, which was relatively stable compared to the first quarter of 2026.

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 $39.9 million in the second quarter of 2026, a decrease as compared to the first quarter of 2026. At June 30, 2026, the Company’s wealth management subsidiaries had approximately $49.7 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 second quarter of 2026, as compared to the first quarter of 2026 (sequential quarter) and second quarter of 2025 (linked quarter), are shown in the table below:

      % or(1)
basis point 
(bp) change
from
1st Quarter
2026% or
basis point 
(bp) change
from
2nd Quarter
2025 Three Months Ended(Dollars in thousands, except per share data)Jun 30, 2026 Mar 31, 2026 Jun 30, 2025Net income$233,693  $227,388  $195,527 3 %20 %Pre-tax income, excluding provision for credit losses (non-GAAP)(2) 341,098   330,534   289,322 3  18  Net income per common share – Diluted 3.30   3.22   2.78 2  19  Cash dividends declared per common share 0.55   0.55   0.50 —  10  Net revenue(3) 738,635   713,166   670,783 4  10  Net interest income 597,366   579,024   546,694 3  9  Net interest margin 3.50%  3.54%  3.52%(4)bps(2)bpsNet interest margin – fully taxable-equivalent (non-GAAP)(2) 3.52   3.56   3.54 (4) (2) Net overhead ratio(4) 1.42   1.44   1.57 (2) (15) Return on average assets 1.30   1.32   1.19 (2) 11  Return on average common equity 12.82   12.76   12.07 6  75  Return on average tangible common equity (non-GAAP)(2) 14.91   14.89   14.44 2  47  At end of period         Total assets$74,668,135  $72,157,433  $68,983,318 14 %8 %Total loans(5) 55,654,947   54,071,292   51,041,679 12  9  Total deposits 61,141,275   58,914,382   55,816,811 15  10  Total shareholders’ equity 7,525,116   7,378,100   7,225,696 8  4   (1) Period-end balance sheet percentage changes are annualized.
(2) See Table 18: 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 EndedSix Months Ended(Dollars in thousands, except per share data) Jun 30,
2026 Mar 31,
2026 Dec 31,
2025 Sep 30,
2025 Jun 30,
2025Jun 30,
2026 Jun 30,
2025Selected Financial Condition Data (at end of period):   Total assets $74,668,135  $72,157,433  $71,142,046  $69,629,638  $68,983,318    Total loans(1)  55,654,947   54,071,292   53,105,101   52,063,482   51,041,679    Total deposits  61,141,275   58,914,382   57,717,191   56,711,381   55,816,811    Total shareholders’ equity  7,525,116   7,378,100   7,258,715   7,045,757   7,225,696    Selected Statements of Income Data:             Net interest income $597,366  $579,024  $583,874  $567,010  $546,694 $1,176,390  $1,073,168 Net revenue(2)  738,635   713,166   714,264   697,837   670,783  1,451,801   1,313,891 Net income  233,693   227,388   223,024   216,254   195,527  461,081   384,566 Pre-tax income, excluding provision for credit losses (non-GAAP)(3)  341,098   330,534   329,811   317,809   289,322  671,632   566,340 Net income per common share – Basic  3.34   3.26   3.21   2.82   2.82  6.60   5.55 Net income per common share – Diluted  3.30   3.22   3.15   2.78   2.78  6.52   5.47 Cash dividends declared per common share  0.55   0.55   0.50   0.50   0.50  1.10   1.00 Selected Financial Ratios and Other Data:             Performance Ratios:             Net interest margin  3.50%  3.54%  3.52%  3.48%  3.52% 3.52%  3.53%Net interest margin – fully taxable-equivalent (non-GAAP)(3)  3.52   3.56   3.54   3.50   3.54  3.54   3.55 Non-interest income to average assets  0.79   0.78   0.74   0.76   0.76  0.78   0.75 Non-interest expense to average assets  2.21   2.21   2.19   2.21   2.32  2.21   2.32 Net overhead ratio(4)  1.42   1.44   1.45   1.45   1.57  1.43   1.57 Return on average assets  1.30   1.32   1.27   1.26   1.19  1.31   1.19 Return on average common equity  12.82   12.76   12.63   11.58   12.07  12.79   12.14 Return on average tangible common equity (non-GAAP)(3)  14.91   14.89   14.83   13.74   14.44  14.90   14.57 Average total assets $72,161,723  $70,089,123  $69,492,268  $68,303,036  $65,840,345 $71,131,148  $64,978,481 Average total shareholders’ equity  7,474,449   7,387,713   7,166,608   6,955,543   6,862,040  7,431,321   6,662,598 Average loans to average deposits ratio  92.6%  93.1%  92.4%  92.5%  93.0% 92.8%  92.7%Period-end loans to deposits ratio  91.0   91.8   92.0   91.8   91.4    Common Share Data at end of period:             Market price per common share $160.72  $138.94  $139.82  $132.44  $123.98    Book value per common share  105.26   103.10   102.03   98.87   95.43    Tangible book value per common share (non-GAAP)(3)  92.13   89.90   88.66   85.39   81.86    Common shares outstanding  67,455,414   67,437,300   66,974,913   66,961,209   66,937,732    Other Data at end of period:             Common equity to assets ratio  9.5%  9.6%  9.6%  9.5%  9.3%   Tangible common equity ratio (non-GAAP)(3)  8.4   8.5   8.5   8.3   8.0    Tier 1 leverage ratio(5)  9.8   9.8   9.6   9.5   10.2    Risk-based capital ratios:             Tier 1 capital ratio(5)  11.1   11.1   11.0   10.9   11.5    Common equity tier 1 capital ratio(5)  10.4   10.4   10.3   10.2   10.0    Total capital ratio(5)  12.4   12.6   12.4   12.4   13.0    Allowance for credit losses(6) $481,189  $471,591  $460,465  $454,586  $457,461    Allowance for loan and unfunded lending-related commitment losses to total loans  0.86%  0.87%  0.87%  0.87%  0.90%   Number of:             Bank subsidiaries  16   16   16   16   16    Banking offices  210   209   209   208   208     (1) Excludes mortgage loans held-for-sale.
(2) Net revenue is net interest income plus non-interest income.
(3) SeeTable 18: 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)  Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,(In thousands)  2026   2026   2025   2025   2025 Assets          Cash and due from banks $595,790  $543,654  $467,874  $565,406  $695,501 Federal funds sold and securities purchased under resale agreements  65   65   64   63   63 Interest-bearing deposits with banks  3,573,915   3,051,665   3,180,553   3,422,452   4,569,618 Available-for-sale securities, at fair value  7,587,545   7,244,282   6,236,263   5,274,124   4,885,715 Held-to-maturity securities, at amortized cost  3,196,452   3,270,207   3,343,905   3,438,406   3,502,186 Equity securities with readily determinable fair value  65,815   63,786   63,770   63,445   273,722 Federal Home Loan Bank and Federal Reserve Bank stock  294,629   292,044   291,881   282,755   282,087 Mortgage loans held-for-sale, at fair value  407,495   383,405   340,745   333,883   299,606 Loans, net of unearned income  55,654,947   54,071,292   53,105,101   52,063,482   51,041,679 Allowance for loan losses  (402,952)  (390,651)  (379,283)  (386,622)  (391,654)Net loans  55,251,995   53,680,641   52,725,818   51,676,860   50,650,025 Premises, software and equipment, net  778,958   777,603   781,611   775,425   776,324 Lease investments, net  363,664   362,766   360,646   301,000   289,768 Accrued interest receivable and other assets  1,666,474   1,596,617   1,617,682   1,614,674   1,610,025 Receivable on unsettled securities sales  —   —   835,275   978,209   240,039 Goodwill  797,219   797,658   797,960   797,639   798,144 Other acquisition-related intangible assets  88,119   93,040   97,999   105,297   110,495 Total assets $74,668,135  $72,157,433  $71,142,046  $69,629,638  $68,983,318 Liabilities and Shareholders’ Equity          Deposits:          Non-interest-bearing $11,796,736  $12,112,891  $11,423,701  $10,952,146  $10,877,166 Interest-bearing  49,344,539   46,801,491   46,293,490   45,759,235   44,939,645 Total deposits  61,141,275   58,914,382   57,717,191   56,711,381   55,816,811 Federal Home Loan Bank advances  3,450,680   3,451,309   3,451,309   3,151,309   3,151,309 Other borrowings  370,736   340,647   477,966   579,328   625,392 Subordinated notes  298,820   298,717   298,636   298,536   298,458 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  1,627,942   1,520,712   1,684,663   1,589,761   1,572,981 Total liabilities  67,143,019   64,779,333   63,883,331   62,583,881   61,757,622 Shareholders’ Equity:          Preferred stock  425,000   425,000   425,000   425,000   837,500 Common stock  67,581   67,563   67,062   67,042   67,025 Surplus  2,560,427   2,546,754   2,534,024   2,521,306   2,495,637 Treasury stock  (14,882)  (13,970)  (9,156)  (9,150)  (9,156)Retained earnings  4,907,788   4,719,561   4,537,539   4,356,367   4,200,923 Accumulated other comprehensive loss  (420,798)  (366,808)  (295,754)  (314,808)  (366,233)Total shareholders’ equity  7,525,116   7,378,100   7,258,715   7,045,757   7,225,696 Total liabilities and shareholders’ equity $74,668,135  $72,157,433  $71,142,046  $69,629,638  $68,983,318                       WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)

 Three Months EndedSix Months Ended(Dollars in thousands, except per share data)Jun 30,
2026 Mar 31,
2026 Dec 31,
2025 Sep 30,
2025 Jun 30,
2025Jun 30,
2026 Jun 30,
2025Interest income            Interest and fees on loans$822,981 $797,889  $822,494  $832,140 $797,997$1,620,870 $1,566,359Mortgage loans held-for-sale 6,169  4,615   5,607   4,757  4,872 10,784  9,118Interest-bearing deposits with banks 20,916  19,150   27,190   34,992  34,317 40,066  71,083Federal funds sold and securities purchased under resale agreements 5  64   77   75  276 69  455Investment securities 105,716  100,278   95,461   86,426  78,053 205,994  150,069Trading account securities —  —   —   —  — —  11Federal Home Loan Bank and Federal Reserve Bank stock 5,625  5,564   5,497   5,444  5,393 11,189  10,700Brokerage customer receivables —  —   —   —  — —  78Total interest income 961,412  927,560   956,326   963,834  920,908 1,888,972  1,807,873Interest expense            Interest on deposits 325,033  309,187   332,178   355,846  333,470 634,220  653,703Interest on Federal Home Loan Bank advances 28,218  27,701   26,408   26,007  25,724 55,919  51,165Interest on other borrowings 3,121  4,026   5,956   6,887  6,957 7,147  13,749Interest on subordinated notes 3,739  3,719   3,737   3,717  3,735 7,458  7,449Interest on junior subordinated debentures 3,935  3,903   4,173   4,367  4,328 7,838  8,639Total interest expense 364,046  348,536   372,452   396,824  374,214 712,582  734,705Net interest income 597,366  579,024   583,874   567,010  546,694 1,176,390  1,073,168Provision for credit losses 23,134  29,594   27,588   21,768  22,234 52,728  46,197Net interest income after provision for credit losses 574,232  549,430   556,286   545,242  524,460 1,123,662  1,026,971Non-interest income            Wealth management 39,883  42,059   39,365   37,188  36,821 81,942  70,863Mortgage banking 27,438  23,396   22,625   24,451  23,170 50,834  43,699Service charges on deposit accounts 21,240  20,970   20,402   19,825  19,502 42,210  38,864Gains (losses) on investment securities, net 1,845  (31)  1,505   2,972  650 1,814  3,846Fees from covered call options 4,793  4,669   5,992   5,619  5,624 9,462  9,070Trading gains (losses), net 70  10   (257)  172  151 80  87Operating lease income, net 18,804  19,154   16,365   15,466  15,166 37,958  30,453Other 27,196  23,915   24,393   25,134  23,005 51,111  43,841Total non-interest income 141,269  134,142   130,390   130,827  124,089 275,411  240,723Non-interest expense            Salaries and employee benefits 234,089  228,447   222,557   219,668  219,541 462,536  431,067Software and equipment 39,288  35,654   36,096   35,027  36,522 74,942  71,239Operating lease equipment 11,187  10,987   11,034   10,409  10,757 22,174  21,228Occupancy, net 21,153  20,566   20,105   20,809  20,228 41,719  41,006Data processing 10,659  11,266   11,809   11,329  12,110 21,925  23,384Advertising and marketing 20,432  13,218   13,792   19,027  18,761 33,650  31,033Professional fees 9,342  7,375   8,280   7,465  9,243 16,717  18,287Amortization of other acquisition-related intangible assets 4,921  4,958   4,999   5,196  5,580 9,879  11,198FDIC insurance 6,640  10,990   10,562   11,418  10,971 17,630  21,897Other real estate owned (“OREO”) expenses, net 786  207   2,162   262  505 993  1,148Other 39,040  38,964   43,057   39,418  37,243 78,004  76,064Total non-interest expense 397,537  382,632   384,453   380,028  381,461 780,169  747,551Income before taxes 317,964  300,940   302,223   296,041  267,088 618,904  520,143Income tax expense 84,271  73,552   79,199   79,787  71,561 157,823  135,577Net income$233,693 $227,388  $223,024  $216,254 $195,527$461,081 $384,566Preferred stock dividends 8,367  8,367   8,367   13,295  6,991 16,734  13,982Preferred stock redemption —  —   —   14,046  — —  —Net income applicable to common shares$225,326 $219,021  $214,657  $188,913 $188,536$444,347 $370,584Net income per common share - Basic$3.34 $3.26  $3.21  $2.82 $2.82$6.60 $5.55Net income per common share - Diluted$3.30 $3.22  $3.15  $2.78 $2.78$6.52 $5.47Cash dividends declared per common share$0.55 $0.55  $0.50  $0.50 $0.50$1.10 $1.00Weighted average common shares outstanding 67,434  67,246   66,970   66,952  66,931 67,341  66,829Dilutive potential common shares 852  851   1,143   1,028  888 852  903Average common shares and dilutive common shares 68,286  68,097   68,113   67,980  67,819 68,193  67,732                       TABLE 1: LOAN PORTFOLIO MIX AND GROWTH RATES

          % Growth From(1)(Dollars in thousands)Jun 30,
2026 Mar 31,
2026 Dec 31,
2025 Sep 30,
2025 Jun 30,
2025Mar 31,
2026(2)Jun 30,
2025Balance:           Mortgage loans held-for-sale, excluding early buy-out exercised loans guaranteed by U.S. government agencies$265,203 $249,350 $217,136 $211,360 $192,63326%38%Mortgage loans held-for-sale, early buy-out exercised loans guaranteed by U.S. government agencies 142,292  134,055  123,609  122,523  106,97325 33 Total mortgage loans held-for-sale$407,495 $383,405 $340,745 $333,883 $299,60625%36%            Core loans:           Commercial           Commercial and industrial$7,802,625 $7,620,239 $7,267,505 $7,135,083 $7,028,24710%11%Asset-based lending 1,628,319  1,558,089  1,512,888  1,588,522  1,663,69318 (2)Municipal 866,012  839,633  868,958  804,986  771,78513 12 Leases 3,114,901  3,002,014  2,921,366  2,834,563  2,757,33115 13 Commercial real estate           Residential construction 52,590  53,097  54,753  60,923  59,027(4)(11)Commercial construction 2,294,566  1,959,375  2,013,244  2,273,545  2,165,26369 6 Land 308,509  311,470  341,585  323,685  304,827(4)1 Office 1,607,275  1,652,482  1,688,614  1,578,208  1,601,208(11)— Industrial 3,405,641  3,323,977  3,167,768  2,912,547  2,824,88910 21 Retail 1,475,949  1,469,658  1,436,252  1,478,861  1,452,3512 2 Multi-family 3,299,607  3,565,419  3,445,507  3,306,597  3,200,578(30)3 Mixed use and other 1,826,470  1,826,808  1,793,013  1,684,841  1,683,867(0)8 Home equity 491,782  471,264  480,525  484,202  466,81517 5 Residential real estate           Residential real estate loans for investment 4,411,357  4,319,941  4,171,439  4,019,046  3,814,7158 16 Residential mortgage loans, early buy-out eligible loans guaranteed by U.S. government agencies 76,334  83,036  84,706  75,088  80,800(32)(6)Residential mortgage loans, early buy-out exercised loans guaranteed by U.S. government agencies 55,001  62,189  61,087  49,736  53,267(46)3 Total core loans$32,716,938 $32,118,691 $31,309,210 $30,610,433 $29,928,6637%9%            Niche loans:           Commercial           Franchise$1,300,935 $1,293,639 $1,298,493 $1,298,140 $1,286,2652%1%Mortgage warehouse lines of credit 1,897,762  1,800,972  1,515,003  1,204,661  1,232,53022 54 Community Advantage - homeowners association 516,782  526,274  532,027  537,696  526,595(7)(2)Insurance agency lending 1,153,975  1,122,361  1,128,446  1,140,691  1,120,98511 3 Premium Finance receivables           U.S. property & casualty insurance 7,744,361  7,127,234  7,308,054  7,502,901  7,378,34035 5 Canada property & casualty insurance 867,662  763,097  875,362  863,391  944,83655 (8)Life insurance 9,312,521  9,196,382  9,023,642  8,758,553  8,506,9605 9 Consumer and other 144,011  122,642  114,864  147,016  116,50570 24 Total niche loans$22,938,009 $21,952,601 $21,795,891 $21,453,049 $21,113,01618%9%            Total loans, net of unearned income$55,654,947 $54,071,292 $53,105,101 $52,063,482 $51,041,67912%9% (1) NM - Not Meaningful.
(2) Annualized.

TABLE 2: DEPOSIT PORTFOLIO MIX AND GROWTH RATES

          % Growth From(Dollars in thousands)Jun 30,
2026 Mar 31,
2026 Dec 31,
2025 Sep 30,
2025 Jun 30,
2025Mar 31,
2026(1) Jun 30,
2025Balance:            Non-interest-bearing$11,796,736  $12,112,891  $11,423,701  $10,952,146  $10,877,166 (10)% 8%NOW and interest-bearing demand deposits 6,742,269   5,987,258   6,233,753   6,710,919   6,795,725 51  (1)Wealth management deposits(2) 1,349,949   1,670,620   1,907,647   1,600,735   1,595,764 (77) (15)Money market 23,083,225   21,714,267   21,368,924   20,270,382   19,556,041 25  18 Savings 6,597,516   6,942,565   6,905,216   6,758,743   6,659,419 (20) (1)Time certificates of deposit 11,571,580   10,486,781   9,877,950   10,418,456   10,332,696 41  12 Total deposits$61,141,275  $58,914,382  $57,717,191  $56,711,381  $55,816,811 15% 10%Mix:            Non-interest-bearing 19%  20%  20%  19%  19%   NOW and interest-bearing demand deposits 11   10   11   12   12    Wealth management deposits(2) 2   3   3   3   3    Money market 38   37   37   36   35    Savings 11   12   12   12   12    Time certificates of deposit 19   18   17   18   19    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 June 30, 2026

(Dollars in thousands) Total Time
Certificates of
Deposit Weighted-Average
Rate of Maturing
Time Certificates
of Deposit1-3 months $5,548,778 3.57%4-6 months  3,389,412 3.49 7-9 months  1,458,932 3.43 10-12 months  604,775 3.38 13-18 months  413,060 3.50 19-24 months  72,439 2.84 24+ months  84,184 2.61 Total $11,571,580 3.51%        TABLE 4: QUARTERLY AVERAGE BALANCES

  Average Balance for three months ended,  Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,(In thousands)  2026   2026   2025   2025   2025 Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents(1) $2,412,081  $2,247,083  $2,842,829  $3,276,683  $3,308,199 Investment securities(2)  10,832,538   10,616,617   10,084,138   9,377,930   8,801,560 FHLB and FRB stock(3)  292,325   291,972   284,643   282,338   282,001 Liquidity management assets(4) $13,536,944  $13,155,672  $13,211,610  $12,936,951  $12,391,760 Mortgage loans held-for-sale  402,175   317,047   357,672   295,365   310,534 Loans, net of unearned income(4) (5)  54,491,469   52,845,685   52,193,637   51,403,566   49,517,635 Total earning assets(4) $68,430,588  $66,318,404  $65,762,919  $64,635,882  $62,219,929 Allowance for loan and investment security losses  (405,743)  (391,810)  (404,075)  (410,681)  (398,685)Cash and due from banks  519,586   534,189   517,616   495,292   478,707 Other assets  3,617,292   3,628,340   3,615,808   3,582,543   3,540,394 Total assets $72,161,723  $70,089,123  $69,492,268  $68,303,036  $65,840,345            NOW and interest-bearing demand deposits $6,453,420  $6,081,218  $6,133,333  $6,687,292  $6,423,050 Wealth management deposits  1,485,347   1,858,560   1,925,808   1,604,142   1,552,989 Money market accounts  22,000,942   21,156,125   20,475,659   19,431,021   18,184,754 Savings accounts  6,707,916   6,921,251   6,814,263   6,723,325   6,578,698 Time deposits  10,938,312   9,782,112   10,045,136   10,319,719   9,841,702 Interest-bearing deposits $47,585,937  $45,799,266  $45,394,199  $44,765,499  $42,581,193 FHLB advances(3)  3,450,773   3,451,312   3,203,483   3,151,310   3,151,310 Other borrowings  358,511   442,200   547,507   614,892   593,657 Subordinated notes  298,757   298,661   298,576   298,481   298,398 Junior subordinated debentures  253,566   253,566   253,566   253,566   253,566 Total interest-bearing liabilities $51,947,544  $50,245,005  $49,697,331  $49,083,748  $46,878,124 Non-interest-bearing deposits  11,273,344   10,963,887   11,080,254   10,791,709   10,643,798 Other liabilities  1,466,386   1,492,518   1,548,075   1,472,036   1,456,383 Equity  7,474,449   7,387,713   7,166,608   6,955,543   6,862,040 Total liabilities and shareholders’ equity $72,161,723  $70,089,123  $69,492,268  $68,303,036  $65,840,345            Net free funds/contribution(6) $16,483,044  $16,073,399  $16,065,588  $15,552,134  $15,341,805  (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 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
(5) Loans, net of unearned income, include non-accrual loans.
(6) 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,  Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,(In thousands)  2026   2026   2025   2025   2025 Interest income:          Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents $20,921  $19,214  $27,267  $35,067  $34,593 Investment securities  106,346   100,864   96,122   87,101   78,733 FHLB and FRB stock(1)  5,625   5,564   5,497   5,444   5,393 Liquidity management assets(2) $132,892  $125,642  $128,886  $127,612  $118,719 Mortgage loans held-for-sale  6,169   4,615   5,607   4,757   4,872 Loans, net of unearned income(2)  825,092   799,915   824,628   834,294   800,197 Total interest income $964,153  $930,172  $959,121  $966,663  $923,788            Interest expense:          NOW and interest-bearing demand deposits $32,318  $29,666  $31,681  $40,448  $37,517 Wealth management deposits  6,823   8,941   10,011   8,415   8,182 Money market accounts  165,035   155,299   163,585   169,831   155,890 Savings accounts  25,729   30,672   34,371   38,844   37,637 Time deposits  95,128   84,609   92,530   98,308   94,244 Interest-bearing deposits $325,033  $309,187  $332,178  $355,846  $333,470 FHLB advances(1)  28,218   27,701   26,408   26,007   25,724 Other borrowings  3,121   4,026   5,956   6,887   6,957 Subordinated notes  3,739   3,719   3,737   3,717   3,735 Junior subordinated debentures  3,935   3,903   4,173   4,367   4,328 Total interest expense $364,046  $348,536  $372,452  $396,824  $374,214            Less: Fully taxable-equivalent adjustment  (2,741)  (2,612)  (2,795)  (2,829)  (2,880)Net interest income (GAAP)(3)  597,366   579,024   583,874   567,010   546,694 Fully taxable-equivalent adjustment  2,741   2,612   2,795   2,829   2,880 Net interest income, fully taxable-equivalent (non-GAAP)(3) $600,107  $581,636  $586,669  $569,839  $549,574  (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) SeeTable 18: 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,  Jun 30,
2026 Mar 31,
2026 Dec 31,
2025 Sep 30,
2025 Jun 30,
2025Yield earned on:          Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents 3.48% 3.47% 3.81% 4.25% 4.19%Investment securities 3.94  3.85  3.78  3.68  3.59 FHLB and FRB stock(1) 7.72  7.73  7.66  7.65  7.67 Liquidity management assets 3.94% 3.87% 3.87% 3.91% 3.84%Mortgage loans held-for-sale 6.15  5.90  6.22  6.39  6.29 Loans, net of unearned income 6.07  6.14  6.27  6.44  6.48 Total earning assets 5.65% 5.69% 5.79% 5.93% 5.96%           Rate paid on:          NOW and interest-bearing demand deposits 2.01% 1.98% 2.05% 2.40% 2.34%Wealth management deposits 1.84  1.95  2.06  2.08  2.11 Money market accounts 3.01  2.98  3.17  3.47  3.44 Savings accounts 1.54  1.80  2.00  2.29  2.29 Time deposits 3.49  3.51  3.65  3.78  3.84 Interest-bearing deposits 2.74% 2.74% 2.90% 3.15% 3.14%FHLB advances 3.28  3.26  3.27  3.27  3.27 Other borrowings 3.49  3.69  4.32  4.44  4.70 Subordinated notes 5.02  5.05  4.97  4.94  5.02 Junior subordinated debentures 6.22  6.24  6.53  6.83  6.85 Total interest-bearing liabilities 2.81% 2.81% 2.97% 3.21% 3.20%           Interest rate spread(2) (3) 2.84% 2.88% 2.82% 2.72% 2.76%Less: Fully taxable-equivalent adjustment (0.02) (0.02) (0.02) (0.02) (0.02)Net free funds/contribution(4) 0.68  0.68  0.72  0.78  0.78 Net interest margin (GAAP)(3) 3.50% 3.54% 3.52% 3.48% 3.52%Fully taxable-equivalent adjustment 0.02  0.02  0.02  0.02  0.02 Net interest margin, fully taxable-equivalent (non-GAAP)(3) 3.52% 3.56% 3.54% 3.50% 3.54% (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) SeeTable 18: 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: YEAR-TO-DATE AVERAGE BALANCES, AND NET INTEREST INCOME AND MARGIN

 Average Balance
for six months ended,Interest
for six months ended,Yield/Rate
for six months ended,(Dollars in thousands)Jun 30,
2026 Jun 30,
2025Jun 30,
2026 Jun 30,
2025Jun 30,
2026 Jun 30,
2025Interest-bearing deposits with banks, securities purchased under resale agreements and cash equivalents(1)$2,330,038  $3,413,538 $40,135  $71,538 3.47% 4.23%Investment securities(2) 10,725,174   8,606,730  207,210   151,439 3.90  3.55 FHLB and FRB stock(3) 292,149   281,853  11,189   10,700 7.72  7.66 Liquidity management assets(4) (5)$13,347,361  $12,302,121 $258,534  $233,677 3.91% 3.83%Other earning assets(4) (5) (6) —   6,533  —   92 —  2.84 Mortgage loans held-for-sale 359,846   298,688  10,784   9,118 6.04  6.16 Loans, net of unearned income(4) (5) (7) 53,673,123   48,680,160  1,625,007   1,570,765 6.11  6.51 Total earning assets(5)$67,380,330  $61,287,502 $1,894,325  $1,813,652 5.67% 5.97%Allowance for loan and investment security losses (398,815)  (387,092)      Cash and due from banks 526,847   477,571       Other assets 3,622,786   3,600,500       Total assets$71,131,148  $64,978,481                 NOW and interest-bearing demand deposits$6,268,347  $6,235,661 $61,985  $71,117 1.99% 2.30%Wealth management deposits 1,670,923   1,563,675  15,764   16,788 1.90  2.17 Money market accounts 21,580,867   17,884,615  320,334   302,264 2.99  3.41 Savings accounts 6,813,994   6,529,345  56,401   73,560 1.67  2.27 Time deposits 10,363,406   9,625,117  179,736   189,974 3.50  3.98 Interest-bearing deposits$46,697,537  $41,838,413 $634,220  $653,703 2.74% 3.15%FHLB advances(3) 3,451,041   3,151,310  55,919   51,165 3.27  3.27 Other borrowings 400,124   587,930  7,147   13,749 3.60  4.72 Subordinated notes 298,709   298,353  7,458   7,449 5.04  5.04 Junior subordinated debentures 253,566   253,566  7,838   8,639 6.23  6.87 Total interest-bearing liabilities$51,100,977  $46,129,572 $712,582  $734,705 2.81% 3.21%Non-interest-bearing deposits 11,119,470   10,687,733       Other liabilities 1,479,380   1,498,578       Equity 7,431,321   6,662,598       Total liabilities and shareholders’ equity$71,131,148  $64,978,481       Interest rate spread(5) (8)      2.86% 2.76%Less: Fully taxable-equivalent adjustment    (5,353)  (5,779)(0.02) (0.02)Net free funds/contribution(9)$16,279,353  $15,157,930    0.68  0.79 Net interest income/margin (GAAP)(5)   $1,176,390  $1,073,168 3.52% 3.53%Fully taxable-equivalent adjustment    5,353   5,779 0.02  0.02 Net interest income/margin, fully taxable-equivalent (non-GAAP)(5)   $1,181,743  $1,078,947 3.54% 3.55% (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) 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.
(5) SeeTable 18: Supplemental Non-GAAP Financial Measures/Ratios for additional information on this performance measure/ratio.
(6) Other earning assets include brokerage customer receivables and trading account securities.
(7) Loans, net of unearned income, include non-accrual loans.
(8) Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.
(9) 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 8: 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
PointsJun 30, 2026 (2.4)% (1.1)% (0.1)% (0.1)%Mar 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) Ramp Scenario +200 Basis Points +100 Basis Points -100 Basis Points -200 Basis PointsJun 30, 2026 (0.2)% (0.1)% (0.2)% (0.4)%Mar 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, 2025 0.0  0.0  (0.1) (0.4)              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 9: MATURITIES AND SENSITIVITIES TO CHANGES IN INTEREST RATES

 Loans repricing or contractual maturity periodAs of June 30, 2026One year or
less
 From one to
five years
 From five to
fifteen years
 After fifteen
years
 Total
(In thousands)    Commercial         Fixed rate$615,590  $4,170,452 $2,191,702 $53,448 $7,031,192Variable rate 11,248,473   1,646  —  —  11,250,119Total commercial$11,864,063  $4,172,098 $2,191,702 $53,448 $18,281,311Commercial real estate         Fixed rate$930,512  $2,655,051 $341,069 $70,710 $3,997,342Variable rate 10,262,509   10,692  64  —  10,273,265Total commercial real estate$11,193,021  $2,665,743 $341,133 $70,710 $14,270,607Home equity         Fixed rate$8,900  $982 $29 $6 $9,917Variable rate 481,865   —  —  —  481,865Total home equity$490,765  $982 $29 $6 $491,782Residential real estate         Fixed rate$18,332  $7,134 $63,647 $1,042,536 $1,131,649Variable rate 133,698   822,226  2,455,119  —  3,411,043Total residential real estate$152,030  $829,360 $2,518,766 $1,042,536 $4,542,692Premium finance receivables - property & casualty         Fixed rate$8,456,306  $155,717 $— $— $8,612,023Variable rate —   —  —  —  —Total premium finance receivables - property & casualty$8,456,306  $155,717 $— $— $8,612,023Premium finance receivables - life insurance         Fixed rate$22,418  $82,894 $— $— $105,312Variable rate 9,207,209   —  —  —  9,207,209Total premium finance receivables - life insurance$9,229,627  $82,894 $— $— $9,312,521Consumer and other         Fixed rate$47,737  $7,565 $1,185 $838 $57,325Variable rate 86,686   —  —  —  86,686Total consumer and other$134,423  $7,565 $1,185 $838 $144,011          Total per category         Fixed rate$10,099,795  $7,079,795 $2,597,632 $1,167,538 $20,944,760Variable rate 31,420,440   834,564  2,455,183  —  34,710,187Total loans, net of unearned income$41,520,235  $7,914,359 $5,052,815 $1,167,538 $55,654,947Less: Existing cash flow hedging derivatives(1) (6,900,000)        Total loans repricing or maturing in one year or less, adjusted for cash flow hedging activity$34,620,235                   Variable Rate Loan Pricing by Index:         SOFR tenors(2)        $22,627,41212- month CMT(3)         8,176,185Prime         3,125,303Fed Funds         546,049Other U.S. Treasury tenors         130,340Other         104,898Total variable rate        $34,710,187 (1) Excludes cash flow hedges with future effective starting dates and those that have matured as of June 30, 2026. The $6.90 billion of cash flow hedging derivatives includes receive fixed swaps, collars and floors of which $5.95 billion were impacting the cash flows of loans indexed to one-month SOFR as of June 30, 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/3c540cd1-ff96-4980-bba0-73e86ea12545

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 $20.0 billion tied to one-month SOFR and $8.2 billion tied to twelve-month CMT. The above chart shows:

  Basis Point (bp) Change in  1-month
SOFR 12- month
CMT Prime Second Quarter 2026 (1)bps30 bps— bpsFirst Quarter 2026 (3) 20  —  Fourth Quarter 2025 (44) (20) (50) Third Quarter 2025 (19) (28) (25) Second Quarter 2025 —  (7) —              TABLE 10: ALLOWANCE FOR CREDIT LOSSES

  Three Months EndedSix Months Ended  Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,Jun 30, Jun 30,(Dollars in thousands)  2026   2026   2025   2025   2025  2026   2025 Allowance for credit losses at beginning of period $471,591  $460,465  $454,586  $457,461  $448,387 $460,465  $437,060 Provision for credit losses  23,134   29,594   27,588   21,768   22,234  52,728   46,197 Other adjustments  (90)  (50)  71   (88)  180  (140)  184 Charge-offs:             Commercial  10,837   8,428   12,894   21,597   6,148  19,265   15,870 Commercial real estate  707   7,260   5,625   144   5,711  7,967   6,165 Home equity  —   —   —   27   111  —   111 Residential real estate  163   350   —   26   —  513   — Premium finance receivables - property & casualty  5,403   7,431   8,354   6,860   6,346  12,834   13,460 Premium finance receivables - life insurance  —   —   —   18   —  —   12 Consumer and other  172   180   203   174   179  352   326 Total charge-offs  17,282   23,649   27,076   28,846   18,495  40,931   35,944 Recoveries:             Commercial  1,710   1,419   956   1,449   1,746  3,129   2,675 Commercial real estate  5   6   4   241   10  11   22 Home equity  16   303   28   104   30  319   246 Residential real estate  1   1   1   1   2  2   138 Premium finance receivables - property & casualty  2,076   3,437   4,275   2,459   3,335  5,513   6,822 Premium finance receivables - life insurance  —   —   —   —   —  —   — Consumer and other  28   65   32   37   32  93   61 Total recoveries  3,836   5,231   5,296   4,291   5,155  9,067   9,964 Net charge-offs  (13,446)  (18,418)  (21,780)  (24,555)  (13,340) (31,864)  (25,980)Allowance for credit losses at period end $481,189  $471,591  $460,465  $454,586  $457,461 $481,189  $457,461               Annualized net charge-offs (recoveries) by category as a percentage of its own respective category’s average:   Commercial  0.20%  0.17%  0.29%  0.49%  0.11% 0.19%  0.17%Commercial real estate  0.02   0.21   0.16   (0.00)  0.17  0.11   0.10 Home equity  (0.01)  (0.26)  (0.02)  (0.06)  0.07  (0.13)  (0.06)Residential real estate  0.01   0.03   (0.00)  0.00   (0.00) 0.02   (0.01)Premium finance receivables - property & casualty  0.16   0.20   0.20   0.20   0.16  0.18   0.18 Premium finance receivables - life insurance  —   —   —   0.00   —  —   0.00 Consumer and other  0.42   0.35   0.47   0.40   0.44  0.38   0.44 Total loans, net of unearned income  0.10%  0.14%  0.17%  0.19%  0.11% 0.12%  0.11%              Loans at period end $55,654,947  $54,071,292  $53,105,101  $52,063,482  $51,041,679    Allowance for loan losses as a percentage of loans at period end  0.72%  0.72%  0.71%  0.74%  0.77%   Allowance for loan and unfunded lending-related commitment losses as a percentage of loans at period end  0.86   0.87   0.87   0.87   0.90                             PCD - Purchase Credit Deteriorated

TABLE 11: ALLOWANCE AND PROVISION FOR CREDIT LOSSES BY COMPONENT

  Three Months EndedSix Months Ended  Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,Jun 30, Jun 30,(In thousands)  2026   2026   2025   2025   2025  2026   2025 Provision for loan losses - Other $25,837  $29,836  $14,369  $19,610  $26,607 $55,673  $53,433 Provision for unfunded lending-related commitments losses - Other  (2,666)  (239)  13,354   2,160   (4,325) (2,905)  (7,177)Provision for held-to-maturity securities losses  (37)  (3)  (135)  (2)  (48) (40)  (59)Provision for credit losses $23,134  $29,594  $27,588  $21,768  $22,234 $52,728  $46,197               Allowance for loan losses $402,952  $390,651  $379,283  $386,622  $391,654    Allowance for unfunded lending-related commitments losses  78,017   80,683   80,922   67,569   65,409    Allowance for loan losses and unfunded lending-related commitments losses  480,969   471,334   460,205   454,191   457,063    Allowance for held-to-maturity securities losses  220   257   260   395   398    Allowance for credit losses $481,189  $471,591  $460,465  $454,586  $457,461                             PCD - Purchase Credit Deteriorated

TABLE 12: ALLOWANCE BY LOAN PORTFOLIO

The table below summarizes the calculation of allowance for loan losses and allowance for unfunded lending-related commitments losses for the Company’s loan portfolios as well as core and niche portfolios, as of June 30, 2026, March 31, 2026 and December 31, 2025.

 As of Jun 30, 2026As of Mar 31, 2026As of Dec 31, 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$18,281,311 $234,809 1.28%$17,763,221 $210,959 1.19%$17,044,686 $178,545 1.05%Commercial real estate:               Construction and development 2,655,665  67,343 2.54  2,323,942  74,092 3.19  2,409,582  93,106 3.86 Non-construction 11,614,942  142,605 1.23  11,838,344  150,778 1.27  11,531,154  153,827 1.33 Total commercial real estate$14,270,607 $209,948 1.47%$14,162,286 $224,870 1.59%$13,940,736 $246,933 1.77%Total commercial and commercial real estate$32,551,918 $444,757 1.37%$31,925,507 $435,829 1.37%$30,985,422 $425,478 1.37%Home equity 491,782  10,004 2.03  471,264  10,213 2.17  480,525  10,402 2.16 Residential real estate 4,542,692  13,257 0.29  4,465,166  13,081 0.29  4,317,232  12,519 0.29 Premium finance receivables - property & casualty 8,612,023  11,142 0.13  7,890,331  10,591 0.13  8,183,416  10,226 0.12 Premium finance receivables - life insurance 9,312,521  810 0.01  9,196,382  800 0.01  9,023,642  785 0.01 Consumer and other 144,011  999 0.69  122,642  820 0.67  114,864  795 0.69 Total loans, net of unearned income$55,654,947 $480,969 0.86%$54,071,292 $471,334 0.87%$53,105,101 $460,205 0.87%                Total core loans(1)$32,716,938 $406,752 1.24%$32,118,691 $408,892 1.27%$31,309,210 $412,714 1.32%Total niche loans(1) 22,938,009  74,217 0.32  21,952,601  62,442 0.28  21,795,891  47,491 0.22  (1) SeeTable 1for additional detail on core and niche loans.

TABLE 13: LOAN PORTFOLIO AGING

(In thousands) Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025Loan Balances:          Commercial          Nonaccrual $90,642 $87,750 $78,059 $66,577 $80,87790+ days and still accruing  —  —  —  —  —60-89 days past due  14,851  9,996  22,952  12,190  34,85530-59 days past due  38,292  90,389  90,205  36,136  45,103Current  18,137,526  17,575,086  16,853,470  16,429,439  16,226,596Total commercial $18,281,311 $17,763,221 $17,044,686 $16,544,342 $16,387,431Commercial real estate          Nonaccrual $17,220 $16,757 $25,147 $28,202 $32,82890+ days and still accruing  —  —  —  —  —60-89 days past due  14,879  17,133  19,529  14,119  11,25730-59 days past due  60,451  54,143  65,601  83,055  51,173Current  14,178,057  14,074,253  13,830,459  13,493,831  13,196,752Total commercial real estate $14,270,607 $14,162,286 $13,940,736 $13,619,207 $13,292,010Home equity          Nonaccrual $1,177 $1,142 $1,221 $1,295 $1,78090+ days and still accruing  —  —  —  —  —60-89 days past due  690  463  1,112  246  13830-59 days past due  878  2,012  2,818  2,294  2,971Current  489,037  467,647  475,374  480,367  461,926Total home equity $491,782 $471,264 $480,525 $484,202 $466,815Residential real estate          Early buy-out loans guaranteed by U.S. government agencies(1) $131,335 $145,225 $145,793 $124,824 $134,067Nonaccrual  25,910  27,360  32,862  28,942  28,04790+ days and still accruing  —  —  —  —  —60-89 days past due  3,310  129  7,562  8,829  8,95430-59 days past due  —  30,854  24,908  95  38Current  4,382,137  4,261,598  4,106,107  3,981,180  3,777,676Total residential real estate $4,542,692 $4,465,166 $4,317,232 $4,143,870 $3,948,782Premium finance receivables - property & casualty          Nonaccrual $28,061 $33,891 $29,354 $24,512 $30,40490+ days and still accruing  16,003  15,823  19,115  13,006  14,35060-89 days past due  18,198  16,188  29,294  23,527  25,64130-59 days past due  25,864  47,936  57,685  38,133  29,460Current  8,523,897  7,776,493  8,047,968  8,267,114  8,223,321Total Premium finance receivables - property & casualty $8,612,023 $7,890,331 $8,183,416 $8,366,292 $8,323,176Premium finance receivables - life insurance          Nonaccrual $— $— $— $— $—90+ days and still accruing  —  —  —  —  32760-89 days past due  2,908  22,690  13,887  34,016  11,20230-59 days past due  8,606  58,760  22,806  34,506  34,403Current  9,301,007  9,114,932  8,986,949  8,690,031  8,461,028Total Premium finance receivables - life insurance $9,312,521 $9,196,382 $9,023,642 $8,758,553 $8,506,960Consumer and other          Nonaccrual $113 $16 $8 $38 $4190+ days and still accruing  145  10  42  60  18460-89 days past due  195  130  466  49  6130-59 days past due  1,253  230  643  159  175Current  142,305  122,256  113,705  146,710  116,044Total consumer and other $144,011 $122,642 $114,864 $147,016 $116,505Total loans, net of unearned income          Early buy-out loans guaranteed by U.S. government agencies(1) $131,335 $145,225 $145,793 $124,824 $134,067Nonaccrual  163,123  166,916  166,651  149,566  173,97790+ days and still accruing  16,148  15,833  19,157  13,066  14,86160-89 days past due  55,031  66,729  94,802  92,976  92,10830-59 days past due  135,344  284,324  264,666  194,378  163,323Current  55,153,966  53,392,265  52,414,032  51,488,672  50,463,343Total loans, net of unearned income $55,654,947 $54,071,292 $53,105,101 $52,063,482 $51,041,679 (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 14: NON-PERFORMING ASSETS (1)

 Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,(Dollars in thousands) 2026   2026   2025   2025   2025 Loans past due greater than 90 days and still accruing:         Commercial$—  $—  $—  $—  $— Commercial real estate —   —   —   —   — Home equity —   —   —   —   — Residential real estate —   —   —   —   — Premium finance receivables - property & casualty 16,003   15,823   19,115   13,006   14,350 Premium finance receivables - life insurance —   —   —   —   327 Consumer and other 145   10   42   60   184 Total loans past due greater than 90 days and still accruing 16,148   15,833   19,157   13,066   14,861 Non-accrual loans:         Commercial 90,642   87,750   78,059   66,577   80,877 Commercial real estate 17,220   16,757   25,147   28,202   32,828 Home equity 1,177   1,142   1,221   1,295   1,780 Residential real estate 25,910   27,360   32,862   28,942   28,047 Premium finance receivables - property & casualty 28,061   33,891   29,354   24,512   30,404 Premium finance receivables - life insurance —   —   —   —   — Consumer and other 113   16   8   38   41 Total non-accrual loans 163,123   166,916   166,651   149,566   173,977 Total non-performing loans:         Commercial 90,642   87,750   78,059   66,577   80,877 Commercial real estate 17,220   16,757   25,147   28,202   32,828 Home equity 1,177   1,142   1,221   1,295   1,780 Residential real estate 25,910   27,360   32,862   28,942   28,047 Premium finance receivables - property & casualty 44,064   49,714   48,469   37,518   44,754 Premium finance receivables - life insurance —   —   —   —   327 Consumer and other 258   26   50   98   225 Total non-performing loans$179,271  $182,749  $185,808  $162,632  $188,838 Other real estate owned 15,940   17,439   20,839   24,832   23,615 Total non-performing assets$195,211  $200,188  $206,647  $187,464  $212,453 Total non-performing loans by category as a percent of its own respective category’s period-end balance:         Commercial 0.50%  0.49%  0.46%  0.40%  0.49%Commercial real estate 0.12   0.12   0.18   0.21   0.25 Home equity 0.24   0.24   0.25   0.27   0.38 Residential real estate 0.57   0.61   0.76   0.70   0.71 Premium finance receivables - property & casualty 0.51   0.63   0.59   0.45   0.54 Premium finance receivables - life insurance —   —   —   —   0.00 Consumer and other 0.18   0.02   0.04   0.07   0.19 Total loans, net of unearned income 0.32%  0.34%  0.35%  0.31%  0.37%Total non-performing assets as a percentage of total assets 0.26%  0.28%  0.29%  0.27%  0.31%Allowance for loan losses and unfunded lending-related commitments losses as a percentage of non-accrual loans 294.85%  282.38%  276.15%  303.67%  262.71%           (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 EndedSix Months Ended Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,Jun 30, Jun 30,(In thousands) 2026   2026   2025   2025   2025  2026   2025 Balance at beginning of period$182,749  $185,808  $162,632  $188,838  $172,390 $185,808  $170,823 Additions from becoming non-performing in the respective period 31,070   24,969   46,198   34,805   48,651  56,039   76,372 Return to performing status (1,671)  (3,663)  (2,937)  (3,399)  (6,896) (5,334)  (8,103)Payments received (19,503)  (13,780)  (13,734)  (28,052)  (5,602) (33,283)  (21,567)Transfer to OREO or other assets —   (868)  (286)  (348)  (2,247) (868)  (2,247)Charge-offs, net (7,860)  (10,930)  (16,998)  (21,526)  (11,734) (18,790)  (20,334)Net change for premium finance receivables (5,514)  1,213   10,933   (7,686)  (5,724) (4,301)  (6,106)Balance at end of period$179,271  $182,749  $185,808  $162,632  $188,838 $179,271  $188,838                             Other Real Estate Owned

 Three Months Ended Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,(In thousands) 2026   2026   2025  2025
  2025 Balance at beginning of period$17,439  $20,839  $24,832  $23,615 $22,625 Disposals/resolved (1,499)  (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)Balance at end of period$15,940  $17,439  $20,839  $24,832 $23,615            Period End(In thousands)Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,Balance by Property Type: 2026   2026   2025   2025  2025 Residential real estate$—  $—  $—  $— $— Commercial real estate 15,940   17,439   20,839   24,832  23,615 Total$15,940  $17,439  $20,839  $24,832 $23,615                     TABLE 15: NON-INTEREST INCOME

 Three Months EndedQ2 2026 compared to
Q1 2026
Q2 2026 compared to
Q2 2025 Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,(Dollars in thousands) 2026   2026   2025   2025   2025$ Change % Change$ Change % ChangeBrokerage$4,985  $5,301  $5,384  $4,426  $4,212$(316) (6)%$773  18%Trust and asset management 34,898   36,758   33,981   32,762   32,609 (1,860) (5) 2,289  7 Total wealth management 39,883   42,059   39,365   37,188   36,821 (2,176) (5) 3,062  8 Mortgage banking 27,438   23,396   22,625   24,451   23,170 4,042  17  4,268  18 Service charges on deposit accounts 21,240   20,970   20,402   19,825   19,502 270  1  1,738  9 Gains (losses) on investment securities, net 1,845   (31)  1,505   2,972   650 1,876  NM 1,195  NMFees from covered call options 4,793   4,669   5,992   5,619   5,624 124  3  (831) (15)Trading gains (losses), net 70   10   (257)  172   151 60  NM (81) (54)Operating lease income, net 18,804   19,154   16,365   15,466   15,166 (350) (2) 3,638  24 Other:               Interest rate swap fees 3,117   4,041   4,664   3,909   3,010 (924) (23) 107  4 BOLI 3,216   948   1,915   1,591   2,257 2,268  NM 959  42 Administrative services 1,341   1,243   1,352   1,240   1,315 98  8  26  2 Foreign currency remeasurement gains (losses) 253   (368)  322   (416)  658 621  NM (405) (62)Changes in fair value on EBOs and loans held-for-investment (373)  (287)  (1,702)  1,452   172 (86) (30) (545) NMEarly pay-offs of capital leases 1,054   1,198   581   519   400 (144) (12) 654  NMMiscellaneous 18,588   17,140   17,261   16,839   15,193 1,448  8  3,395  22 Total Other 27,196   23,915   24,393   25,134   23,005 3,281  14  4,191  18 Total Non-Interest Income$141,269  $134,142  $130,390  $130,827  $124,089$7,127  5%$17,180  14%  Six Months Ended2026 compared to 2025
 Jun 30, Jun 30,(Dollars in thousands) 2026   2025$ Change % ChangeBrokerage$10,286  $8,969$1,317  15%Trust and asset management 71,656   61,894 9,762  16 Total wealth management 81,942   70,863 11,079  16 Mortgage banking 50,834   43,699 7,135  16 Service charges on deposit accounts 42,210   38,864 3,346  9 Gains on investment securities, net 1,814   3,846 (2,032) (53)Fees from covered call options 9,462   9,070 392  4 Trading gains, net 80   87 (7) (8)Operating lease income, net 37,958   30,453 7,505  25 Other:      Interest rate swap fees 7,158   5,279 1,879  36 BOLI 4,164   3,053 1,111  36 Administrative services 2,584   2,708 (124) (5)Foreign currency remeasurement (losses) gains (115)  475 (590) NMChanges in fair value on EBOs and loans held-for-investment (660)  555 (1,215) NMEarly pay-offs of capital leases 2,252   1,168 1,084  93 Miscellaneous 35,728   30,603 5,125  17 Total Other 51,111   43,841 7,270  17 Total Non-Interest Income$275,411  $240,723$34,688  14%              NM - Not meaningful.
BOLI - Bank-owned life insurance.
EBO - Early buy-out.

TABLE 16: MORTGAGE BANKING

 Three Months Ended(Dollars in thousands)Jun 30,
2026 Mar 31,
2026 Dec 31,
2025 Sep 30,
2025 Jun 30,
2025Originations:         Retail originations$660,325  $441,749  $589,139  $505,793  $523,759 Veterans First originations 174,644   152,244   208,054   137,600   157,787 Total originations for sale (A)$834,969  $593,993  $797,193  $643,393  $681,546 Originations for investment 315,487   371,540   364,988   351,012   422,926 Total originations$1,150,456  $965,533  $1,162,181  $994,405  $1,104,472 As a percentage of originations for sale:         Retail originations 79%  74%  74%  79%  77%Veterans First originations 21   26   26   21   23 Purchases 74%  52%  52%  77%  74%Refinances 26   48   48   23   26 Production Margin:         Production revenue (B)(1)$13,150  $13,028  $10,878  $15,388  $13,380 Total originations for sale (A)$834,969  $593,993  $797,193  $643,393  $681,546 Add: Current period end mandatory interest rate lock commitments to fund originations for sale(2) 171,656   218,156   122,804   307,932   163,664 Less: Prior period end mandatory interest rate lock commitments to fund originations for sale(2) 218,156   122,804   307,932   163,664   197,297 Total mortgage production volume (C)$788,469  $689,345  $612,065  $787,661  $647,913 Production margin (B / C) 1.67%  1.89%  1.78%  1.95%  2.07%Mortgage Servicing:         Loans serviced for others (D)$12,669,679  $12,534,513  $12,608,694  $12,524,131  $12,470,924 Mortgage Servicing Rights (“MSR”), at fair value (E) 201,903   195,276   195,023   190,938   193,061 Percentage of MSRs to loans serviced for others (E / D) 1.59%  1.56%  1.55%  1.52%  1.55%Servicing income$10,724  $10,353  $10,185  $10,112  $10,520 MSR Fair Value Asset Activity         MSR - FV at Beginning of Period$195,276  $195,023  $190,938  $193,061  $196,307 MSR - current period capitalization 8,745   6,434   9,150   5,829   6,336 MSR - collection of expected cash flows - paydowns (1,684)  (1,620)  (1,550)  (1,554)  (1,516)MSR - collection of expected cash flows - payoffs and repurchases (4,815)  (5,021)  (6,250)  (4,050)  (4,100)MSR - changes in fair value model assumptions 4,381   460   2,735   (2,348)  (3,966)MSR Fair Value at end of period$201,903  $195,276  $195,023  $190,938  $193,061 Summary of Mortgage Banking Revenue:         Operational:         Production revenue(1)$13,150  $13,028  $10,878  $15,388  $13,380 MSR - Current period capitalization 8,745   6,434   9,150   5,829   6,336 MSR - Collection of expected cash flows - paydowns (1,684)  (1,620)  (1,550)  (1,554)  (1,516)MSR - Collection of expected cash flows - payoffs and repurchases (4,815)  (5,021)  (6,250)  (4,050)  (4,100)Servicing Income 10,724   10,353   10,185   10,112   10,520 Other Revenue 72   (45)  (17)  (345)  (79)Total operational mortgage banking revenue$26,192  $23,129  $22,396  $25,380  $24,541 Fair Value:         MSR - changes in fair value model assumptions$4,381  $460  $2,735  $(2,348) $(3,966)(Loss) gain on derivative contract held as an economic hedge, net (3,396)  (900)  (2,425)  265   2,535 Changes in FV on early buy-out loans guaranteed by US Govt held-for-sale 261   707   (81)  1,154   60 Total fair value mortgage banking revenue$1,246  $267  $229  $(929) $(1,371)Total mortgage banking revenue$27,438  $23,396  $22,625  $24,451  $23,170  (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.

 Six Months Ended(Dollars in thousands)Jun 30,
2026 Jun 30,
2025Originations:   Retail originations$1,102,074  $872,227 Veterans First originations 326,888   269,772 Total originations for sale (A)$1,428,962  $1,141,999 Originations for investment 687,027   640,103 Total originations$2,115,989  $1,782,102 As a percentage of originations for sale:   Retail originations 77%  76%Veterans First originations 23   24 Purchases 65%  75%Refinances 35   25 Production Margin:   Production revenue (B)(1)$26,178  $23,321 Total originations for sale (A)$1,428,962  $1,141,999 Add: Current period end mandatory interest rate lock commitments to fund originations for sale(2) 171,656   163,664 Less: Prior period end mandatory interest rate lock commitments to fund originations for sale(2) 122,804   103,946 Total mortgage production volume (C)$1,477,814  $1,201,717 Production margin (B / C) 1.77%  1.94%Mortgage Servicing:   Loans serviced for others (D)$12,669,679  $12,470,924 MSRs, at fair value (E) 201,903   193,061 Percentage of MSRs to loans serviced for others (E / D) 1.59%  1.55%Servicing income$21,077  $21,131 MSR Fair Value Asset Activity   MSR - FV at Beginning of Period$195,023  $203,788 MSR - current period capitalization 15,179   11,005 MSR - collection of expected cash flows - paydowns (3,304)  (3,106)MSR - collection of expected cash flows - payoffs and repurchases (9,836)  (7,146)MSR - changes in fair value model assumptions 4,841   (11,480)MSR Fair Value at end of period$201,903  $193,061 Summary of Mortgage Banking Revenue:   Operational:   Production revenue(1)$26,178  $23,321 MSR - Current period capitalization 15,179   11,005 MSR - Collection of expected cash flows - paydowns (3,304)  (3,106)MSR - Collection of expected cash flows - payoffs and repurchases (9,836)  (7,146)Servicing Income 21,077   21,131 Other Revenue 27   (251)Total operational mortgage banking revenue$49,321  $44,954 Fair Value:   MSR - changes in fair value model assumptions$4,841  $(11,480)(Loss) gain on derivative contract held as an economic hedge, net (4,296)  7,432 Changes in FV on early buy-out loans guaranteed by US Govt held-for-sale 968   2,793 Total fair value mortgage banking revenue$1,513  $(1,255)Total mortgage banking revenue$50,834  $43,699  (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 17: NON-INTEREST EXPENSE

 Three Months EndedQ2 2026 compared to
Q1 2026
Q2 2026 compared to
Q2 2025 Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,(Dollars in thousands) 2026   2026  2025   2025  2025$ Change % Change$ Change % ChangeSalaries and employee benefits:               Salaries$129,875  $129,086 $124,856  $124,623 $123,174$789  1%$6,701  5%Commissions and incentive compensation 62,463   57,407  57,117   56,244  55,871 5,056  9  6,592  12 Benefits 41,751   41,954  40,584   38,801  40,496 (203) —  1,255  3 Total salaries and employee benefits 234,089   228,447  222,557   219,668  219,541 5,642  2  14,548  7 Software and equipment 39,288   35,654  36,096   35,027  36,522 3,634  10  2,766  8 Operating lease equipment 11,187   10,987  11,034   10,409  10,757 200  2  430  4 Occupancy, net 21,153   20,566  20,105   20,809  20,228 587  3  925  5 Data processing 10,659   11,266  11,809   11,329  12,110 (607) (5) (1,451) (12)Advertising and marketing 20,432   13,218  13,792   19,027  18,761 7,214  55  1,671  9 Professional fees 9,342   7,375  8,280   7,465  9,243 1,967  27  99  1 Amortization of other acquisition-related intangible assets 4,921   4,958  4,999   5,196  5,580 (37) (1) (659) (12)FDIC insurance 11,796   10,990  11,061   11,418  10,971 806  7  825  8 FDIC insurance - special assessment (5,156)  —  (499)  —  — (5,156) (100) (5,156) (100)OREO expense, net 786   207  2,162   262  505 579  NM 281  56 Other:               Lending expenses, net of deferred origination costs 6,165   6,510  6,367   6,169  4,869 (345) (5) 1,296  27 Travel and entertainment 6,938   5,426  7,965   6,029  6,026 1,512  28  912  15 Miscellaneous 25,937   27,028  28,725   27,220  26,348 (1,091) (4) (411) (2)Total other 39,040   38,964  43,057   39,418  37,243 76  —  1,797  5 Total Non-Interest Expense$397,537  $382,632 $384,453  $380,028 $381,461$14,905  4%$16,076  4%                               Six Months Ended2026 compared to 2025
 Jun 30, Jun 30,(Dollars in thousands) 2026   2025$ Change % ChangeSalaries and employee benefits:      Salaries$258,961  $247,091$11,870  5%Commissions and incentive compensation 119,870   108,407 11,463  11 Benefits 83,705   75,569 8,136  11 Total salaries and employee benefits 462,536   431,067 31,469  7 Software and equipment 74,942   71,239 3,703  5 Operating lease equipment 22,174   21,228 946  4 Occupancy, net 41,719   41,006 713  2 Data processing 21,925   23,384 (1,459) (6)Advertising and marketing 33,650   31,033 2,617  8 Professional fees 16,717   18,287 (1,570) (9)Amortization of other acquisition-related intangible assets 9,879   11,198 (1,319) (12)FDIC insurance 22,786   21,897 889  4 FDIC insurance - special assessment (5,156)  — (5,156) (100)OREO expense, net 993   1,148 (155) (14)Other:      Lending expenses, net of deferred origination costs 12,675   10,735 1,940  18 Travel and entertainment 12,364   11,296 1,068  9 Miscellaneous 52,965   54,033 (1,068) (2)Total other 78,004   76,064 1,940  3 Total Non-Interest Expense$780,169  $747,551$32,618  4% NM - Not meaningful.

TABLE 18: 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 EndedSix Months Ended Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,Jun 30, Jun 30,(Dollars and shares in thousands) 2026   2026   2025   2025   2025  2026   2025 Reconciliation of Non-GAAP Net Interest Margin and Efficiency Ratio:   (A) Interest Income (GAAP)$961,412  $927,560  $956,326  $963,834  $920,908 $1,888,972  $1,807,873 Taxable-equivalent adjustment:            - Loans 2,111   2,026   2,134   2,154   2,200  4,137   4,406 - Liquidity Management Assets 630   586   661   675   680  1,216   1,370 - Other Earning Assets —   —   —   —   —  —   3 (B) Interest Income (non-GAAP)$964,153  $930,172  $959,121  $966,663  $923,788 $1,894,325  $1,813,652 (C) Interest Expense (GAAP) 364,046   348,536   372,452   396,824   374,214  712,582   734,705 (D) Net Interest Income (GAAP) (A minus C) 597,366   579,024   583,874   567,010   546,694  1,176,390   1,073,168 (E) Net Interest Income (non-GAAP) (B minus C) 600,107   581,636   586,669   569,839   549,574  1,181,743   1,078,947 Net interest margin (GAAP) 3.50%  3.54%  3.52%  3.48%  3.52% 3.52%  3.53%Net interest margin, fully taxable-equivalent (non-GAAP) 3.52   3.56   3.54   3.50   3.54  3.54   3.55 (F) Non-interest income$141,269  $134,142  $130,390  $130,827  $124,089 $275,411  $240,723 (G) Gains (losses) on investment securities, net 1,845   (31)  1,505   2,972   650  1,814   3,846 (H) Non-interest expense 397,537   382,632   384,453   380,028   381,461  780,169   747,551 Efficiency ratio (H/(D+F-G)) 53.96%  53.65%  53.94%  54.69%  56.92% 53.81%  57.06%Efficiency ratio (non-GAAP) (H/(E+F-G)) 53.76   53.45   53.73   54.47   56.68  53.61   56.81  Three Months EndedSix Months Ended Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,Jun 30, Jun 30,(Dollars and shares in thousands) 2026   2026   2025   2025   2025  2026   2025 Reconciliation of Non-GAAP Tangible Common Equity Ratio:   Total shareholders’ equity (GAAP)$7,525,116  $7,378,100  $7,258,715  $7,045,757  $7,225,696    Less: Non-convertible preferred stock (GAAP) (425,000)  (425,000)  (425,000)  (425,000)  (837,500)   Less: Acquisition-related intangible assets (GAAP) (885,338)  (890,698)  (895,959)  (902,936)  (908,639)   (I) Total tangible common shareholders’ equity (non-GAAP)$6,214,778  $6,062,402  $5,937,756  $5,717,821  $5,479,557    (J) Total assets (GAAP)$74,668,135  $72,157,433  $71,142,046  $69,629,638  $68,983,318    Less: Acquisition-related intangible assets (GAAP) (885,338)  (890,698)  (895,959)  (902,936)  (908,639)   (K) Total tangible assets (non-GAAP)$73,782,797  $71,266,735  $70,246,087  $68,726,702  $68,074,679    Common equity to assets ratio (GAAP) (L/J) 9.5%  9.6%  9.6%  9.5%  9.3%   Tangible common equity ratio (non-GAAP) (I/K) 8.4   8.5   8.5   8.3   8.0     Reconciliation of Non-GAAP Tangible Book Value per Common Share:   Total shareholders’ equity$7,525,116  $7,378,100  $7,258,715  $7,045,757  $7,225,696    Less: Non-convertible preferred stock (GAAP) (425,000)  (425,000)  (425,000)  (425,000)  (837,500)   (L) Total common equity$7,100,116  $6,953,100  $6,833,715  $6,620,757  $6,388,196    (M) Actual common shares outstanding 67,455   67,437   66,975   66,961   66,938    Book value per common share (L/M)$105.26  $103.10  $102.03  $98.87  $95.43    Tangible book value per common share (non-GAAP) (I/M) 92.13   89.90   88.66   85.39   81.86                 Reconciliation of Non-GAAP Return on Average Tangible Common Equity:   (N) Net income applicable to common shares$225,326  $219,021  $214,657  $188,913  $188,536 $444,347  $370,584 Add: Acquisition-related intangible asset amortization 4,921   4,958   4,999   5,196   5,580  9,879   11,198 Less: Tax effect of acquisition-related intangible asset amortization (1,304)  (1,210)  (1,310)  (1,403)  (1,495) (2,519)  (2,923)After-tax Acquisition-related intangible asset amortization$3,617  $3,748  $3,689  $3,793  $4,085 $7,360  $8,275 (O) Tangible net income applicable to common shares (non-GAAP)$228,943  $222,769  $218,346  $192,706  $192,621 $451,707  $378,859 Total average shareholders’ equity$7,474,449  $7,387,713  $7,166,608  $6,955,543  $6,862,040 $7,431,321  $6,662,598 Less: Average preferred stock (425,000)  (425,000)  (425,000)  (483,288)  (599,313) (425,000)  (506,423)(P) Total average common shareholders’ equity$7,049,449  $6,962,713  $6,741,608  $6,472,255  $6,262,727 $7,006,321  $6,156,175 Less: Average acquisition-related intangible assets (889,059)  (894,211)  (901,022)  (906,032)  (910,924) (891,620)  (913,483)(Q) Total average tangible common shareholders’ equity (non-GAAP)$6,160,390  $6,068,502  $5,840,586  $5,566,223  $5,351,803 $6,114,701  $5,242,692 Return on average common equity, annualized (N/P) 12.82%  12.76%  12.63%  11.58%  12.07% 12.79%  12.14%Return on average tangible common equity, annualized (non-GAAP) (O/Q) 14.91   14.89   14.83   13.74   14.44  14.90   14.57              Reconciliation of Non-GAAP Pre-Tax, Pre-Provision Income:     Income before taxes$317,964  $300,940  $302,223  $296,041  $267,088 $618,904  $520,143 Add: Provision for credit losses 23,134   29,594   27,588   21,768   22,234  52,728   46,197 Pre-tax income, excluding provision for credit losses (non-GAAP)$341,098  $330,534  $329,811  $317,809  $289,322 $671,632  $566,340   Three Months EndedSix Months Ended Jun 30, Mar 31, Dec 31, Sep 30, Jun 30,Jun 30, Jun 30,(Dollars and shares in thousands, except per share data)2026
 2026
 2025
 2025
 2025
2026
 2025
Reconciliation of Non-GAAP Net Income per Common Share:     Net income$233,693 $227,388 $223,024 $216,254 $195,527$461,081 $384,566Preferred stock dividends 8,367  8,367  8,367  13,295  6,991 16,734  13,982Preferred stock redemption —  —  —  14,046  — —  —(R) Net income applicable to common shares$225,326 $219,021 $214,657 $188,913 $188,536$444,347 $370,584(S) Weighted average common shares outstanding 67,434  67,246  66,970  66,952  66,931 67,341  66,829Dilutive potential common shares 852  851  1,143  1,028  888 852  903(T) Average common shares and dilutive common shares 68,286  68,097  68,113  67,980  67,819 68,193  67,732Net income per common share - Basic (R/S)$3.34 $3.26 $3.21 $2.82 $2.82$6.60 $5.55Net income per common share - Diluted (R/T)$3.30 $3.22 $3.15 $2.78 $2.78$6.52 $5.47Preferred stock series F excess one-time extended first dividend$— $— $— $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$3.34 $3.26 $3.21 $3.11 $2.82$6.60 $5.55Net income per common share - Diluted (non-GAAP) (R+U)/T$3.30 $3.22 $3.15 $3.06 $2.78$6.52 $5.47                     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 Securities and Exchange Commission 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 and uncertainties, 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 any forward-looking statement. 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, July 21, 2026 at 10:00 a.m. (CDT) regarding second quarter and year-to-date 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 June 30, 2026 available at the Investor Relations, News and Events, News 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, News and Events, Events and Presentations link. The text of the second quarter and year-to-date 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, News and Events, News 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

The Canadian dollar was the weakest-performing major currency on Monday after softer-than-expected inflation data reduced expectations of further Bank of Canada policy tightening. Cooling headline and core inflation diminished Canada's relative yield advantage, weighing on the Loonie despite the central bank leaving its policy rate unchanged at 2.25%. Separately, reports that the US and Iran had signed a memorandum aimed at ending the conflict weighed on oil prices, adding further pressure to the oil-sensitive Canadian dollar. The loonie then came under renewed selling late in the US session after Reuters reported that Washington would impose new 50% tariffs on Canadian products.

Source: LSEG

Trump's Tariffs Add to Pressure on the Canadian Dollar The proposed 50% tariffs on Canadian products add a fresh headwind for the loonie by threatening Canada's export outlook and economic growth. Slower growth could reinforce expectations that the Bank of Canada will keep interest rates on hold or even consider easing if the economic impact proves material, reducing the Canadian dollar's yield appeal relative to the US dollar. While the full scope and timing of the tariffs remain uncertain, the announcement was enough to fuel another leg higher in USD/CAD.

USD/CAD Technical Analysis: US Dollar vs Canadian Dollar USD/CAD posted its largest daily gain in 23 sessions, rising 0.5% after finding support at the 50-day EMA and the 1.40 handle, strongly suggesting a swing low may be in place, at least in the near term. It has been just under a month since USD/CAD peaked, and recent developments suggest the pair could extend its rebound towards the 2025 high at 1.4140.

The 1-hour chart shows support has emerged around the weekly pivot point for now, although the sharp momentum shift below ¥116 suggests bears may look to sell into minor pullbacks. A break below 115.31 would bring the 115.00 handle into focus, followed by a key support zone around 114.60 where the monthly and weekly pivot points converge.

Source: ICE, TradingView

CAD/JPY Technical Analysis: Canadian Dollar vs Japanese Yen While crude oil prices didn’t exactly roll over on Monday, they did form doji’s on the daily chart to show indecision. Given but WTI and brent crude have stalled around their respective resistance levels, it removes another pillar of support for CAD/JPY – which is leaving bearish reversal signals of its own.

CAD/JPY formed a notable bearish engulfing candle on Monday to mark its second worst day of the month. Given it formed around 1.16 after a solid bounce, the case for a pullback was arguably growing anyway.

The 1-hour chart shows support has been found around the weekly pivot point for now, though the sharp momentum shift below 116 suggests bears may be seeking to fade into minor pullbacks, A break below 115.31 brings the 115 handle, and tight support zone around 114.6 into focus comprising of the monthly and weekly pivot points.  

Source: ICE, TradingView

View the full economic calendar

-- Written by Matt Simpson

Follow Matt on Twitter @cLeverEdge

TriLink's Complete Portfolio of CleanCap® Analogs are Patented in Major Jurisdictions Globally; TriLink is the Sole Authorized Manufacturer of CleanCap® Capping Analogs

SAN DIEGO--(BUSINESS WIRE)--TriLink BioTechnologies, LLC (TriLink®), a Maravai LifeSciences company (NASDAQ: MRVI) and global provider of life science reagents and services, has been granted a new patent from the China National Intellectual Property Administration (CNIPA), Patent number ZL 2025 1 1246578.X, covering methods of synthesizing RNA molecules. The new patent covers TriLink's full suite of CleanCap® capping analogs, including its latest M6 analog. CleanCap technology is a critical component of the production of synthetic mRNA as drug developers and researchers strive to maximize the impact of mRNA-based therapeutics and vaccines.

The allowed claims are directed to co-transcriptional RNA synthesis methods utilizing either trimer or tetramer capping structures.

This new patent reinforces the global strength of TriLink's intellectual property portfolio in one of the world's most strategically important markets. CleanCap® technology is patented across major world markets in addition to China, including the United States, the European Union, Australia, Japan, Korea, Hong Kong, and Canada.

"We are committed to defending our intellectual property rights, and this new patent represents an important tool in support of those efforts," said Bernd Brust, Chief Executive Officer of Maravai LifeSciences. "Maintaining strong intellectual property coverage in every major jurisdiction is central to our strategy. We look forward to deepening our presence in this important market and bringing the gold standard in mRNA capping technology to the researchers and drug developers who are advancing the next generation of RNA-based medicines."

"CleanCap® offers significant advantages for mRNA programs," said Chanfeng Zhao, Chief Scientific Officer of TriLink BioTechnologies. "This patent reflects the depth of innovation our team has brought to mRNA manufacturing."

The technology covered by the patent enables the co-transcriptional production of mRNAs containing the major natural cap structures found in humans, a significant improvement over legacy capping methods such as enzymatic capping and ARCA. CleanCap® technology has been used in commercially approved COVID-19 mRNA and saRNA vaccines and underpins drug development programs across mRNA therapeutics, oncology, infectious diseases, rare diseases, and cell and gene therapies.

To learn more about TriLink's products and services, visit trilinkbiotech.com.

About TriLink BioTechnologies

TriLink BioTechnologies, part of Maravai LifeSciences, is a global leader in nucleic acid technologies and manufacturing solutions for RNA therapeutics, vaccines, gene editing, and diagnostics. The company's portfolio includes modified nucleotides, mRNA products, proprietary technologies such as CleanCap® capping analogs and ModTail™ technology, and a growing portfolio of high-performance enzymes marketed under the Alphazyme brand. Supported by robust GMP manufacturing capabilities, TriLink enables customers from early-stage research through commercial production.

For more information, visit trilinkbiotech.com.

About Maravai LifeSciences

Maravai is a leading life sciences company providing critical products to enable the development of drug therapies, diagnostics and novel vaccines. Maravai's companies are leaders in providing products and services in the fields of nucleic acid synthesis and biologics safety testing to many of the world's leading biopharmaceutical, vaccine, diagnostics, and cell and gene therapy companies.

For more information about Maravai LifeSciences, visit www.maravai.com.

Forward-looking statements

This press release contains, and Maravai's officers and representatives may from time-to-time make, "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Investors are cautioned that statements in this press release which are not strictly historical statements constitute forward-looking statements, including, without limitation, statements regarding the expected benefits associated with using CleanCap® technology, the expected impact of mRNA vaccines and therapeutics; Maravai's future business capabilities; growth opportunities, including inorganic growth; and future innovations, constitute forward-looking statements and are identified by words like "promise," "believe," "expect," "see," "project," "may," "will," "should," "seek," "anticipate," or "could" and similar expressions.

Net income of $24.7 million, up $1.7 million or 7.3% compared to the second quarter of 2025; resulting in basic earnings per common share of $36.77 and diluted earnings per common share of $36.39, up 10.47% compared to the second quarter of 2025;Achieved an annualized return on average assets of 1.71% and return on average equity of 14.84%;Basic earnings per common share of $141.71 over the trailing twelve months, up 11.57% from $127.01 over the trailing period a year ago and up 20.37% versus $117.73 for the same period two years ago;Diluted earnings per common share of $139.94 over the trailing twelve months, up 10.30% from $126.87 over the same trailing period a year ago and up 18.9% versus $117.73 for the same period two years ago;Tangible book value per common share increased 15.38% to $963.82 compared to $835.33 as of June 30, 2025;Net interest income of $57.4 million, up $3.5 million, or 6.46%, compared to the second quarter of 2025; net interest margin (tax equivalent basis) of 4.20%, up from 4.07% in the second quarter of 2025;Total loans and leases grew $80.2 million, or 2.2%, to $3.70 billion, and deposits grew $332.6 million, or 7.0%, to $5.09 billion as of June 30, 2026 compared to June 30, 2025;Capital position strengthened with a total risk-based capital ratio of 16.04%, common equity tier 1 ratio of 14.56%, tier 1 leverage ratio of 11.68% and a tangible common equity ratio of 11.45%;Credit quality remained resilient during the quarter with an allowance for credit losses on gross loans and leases of 2.08%; net charge offs for the quarter of $165,000, a provision for credit losses of $500,000 and non-accrual loans of $2.7 million at quarter-end.
LODI, Calif., July 20, 2026 (GLOBE NEWSWIRE) -- Farmers & Merchants Bancorp (OTCQX: FMCB) (the “Company” or “FMCB”), the parent company of Farmers & Merchants Bank of Central California (the “Bank” or “F&M Bank”), reported record second quarter net income of $24.7 million, or $36.39 per diluted common share, up 10.47% when compared with $23.1 million, or $32.94 per diluted common share, for the second quarter of 2025. The annualized return on average assets was 1.71% and the return on average equity was 14.84% for the second quarter of 2026. Tangible book value per common share increased to $963.82 at June 30, 2026, up 15.38% compared with $835.33 as of June 30, 2025.

Net income for the first six months of 2026 was $48.8 million up $2.7 million or 5.95% compared to $46.1 million in the same period a year ago. The annualized return on average assets was 1.70% and the return on average equity was 14.75% for the first half of 2026.

Net income over the trailing twelve months was $96.3 million compared with $90.0 million for the same trailing period a year earlier. Diluted earnings per common share over the trailing twelve months totaled $139.94, up 10.30% compared with $126.87 for the same trailing period a year ago and up 18.9% compared with $117.73 for the same period two years ago. Basic earnings per common share over the trailing twelve months totaled $141.71, up 11.57% compared with $127.01 for the same trailing period a year ago and up 20.37% compared with $117.73 for the same period two years ago.

CEO Commentary

Kent Steinwert, Farmers & Merchants Bancorp’s Chairman, President and Chief Executive Officer, stated, “We are very pleased with the Company’s financial performance in the second quarter of 2026 highlighted by another record quarter with net income of $24.7 million and a return on average assets of 1.71% and return on average equity of 14.84%. We achieved these impressive results while continuing to maintain a strong liquidity position and balance sheet at quarter-end with $278.6 million in cash, $1.6 billion in investment securities of which $932.8 million are available-for-sale, no borrowings and access to $2.1 billion in borrowing capacity. Capital levels continued to strengthen and were significantly above the regulatory thresholds for “well-capitalized” banks at quarter-end. Deposits increased $332.6 million or 7.0% compared to June 30, 2025 as we continued our focus on growing deposits with both our longstanding established client relationships while developing new client relationships. We also experienced solid loan growth of $87.0 million or 2.4% for the quarter. Overall credit quality remained resilient during the second quarter of 2026. Our Company remains in excellent financial condition at quarter-end and should be well positioned to navigate the challenges ahead as we have for the past 110 years.”

Earnings

Net interest income for the quarter ended June 30, 2026 was $57.4 million compared with $53.9 million in the same quarter in 2025 and $56.9 million in the first quarter of 2026. Net interest income for the six months ended June 30, 2026 was $114.3 million, an increase of $7.2 million, or 6.8%, when compared with $107.0 million for the same period in 2025. The Company’s net interest margin (tax equivalent basis) increased to 4.22% for the six months ended June 30, 2026 compared with 4.13% for the same period in 2025. Loan yields increased 3 basis points to 6.10% and the cost of average total deposits decreased 6 basis points to 1.19% for the six months ended June 30, 2026 compared to the same period in 2025. The primary driver for the increase in the net interest margin was related to the 46 basis point increase in yield on the investment securities portfolio to 3.71% during the six months ended June 30, 2026 compared to 3.25% for the same period in 2025. In addition, the average balances of the investment security portfolio increased $349.3 million for the six months ended June 30, 2026 compared to the six months ended 2025. Non-interest income was $5.0 million for the second quarter of 2026, down slightly from $5.5 million for the second quarter of 2025. Non-interest expense was $28.1 million for the quarter ended June 30, 2026, up $1.5 million from $26.7 million compared to the quarter ended June 30, 2025, primarily due to an increase of $0.9 million in non-recurring professional fees. As a result, the efficiency ratio for the second quarter of 2026 was 45.1%, up slightly from 44.9% in the second quarter of 2025. Despite the increase in operating expenses, primarily due to non-recurring professional fees during the quarter, net income increased $1.7 million or 7.3% to $24.7 million for the second quarter of 2026 compared to the second quarter of 2025.

Balance Sheet

Total assets at quarter-end were $5.8 billion, up 6.5% from $5.5 billion as of June 30, 2025. Total cash and cash equivalents were $278.6 million, down slightly from $291.8 million as of June 30, 2025. Total loans and leases outstanding were $3.7 billion, an increase of $80.2 million, or 2.2%, from June 30, 2025. As of June 30, 2026, the Company’s total investment securities portfolio was $1.6 billion, an increase of $307.4 million from June 30, 2025. The portfolio is comprised of $932.8 million in available-for-sale securities and $696.5 million in held-to-maturity securities. Total deposits increased $332.6 million, or 7.0%, to $5.1 billion at June 30, 2026 compared to June 30, 2025. The Company’s loan to deposit ratio was 73.1% as of June 30, 2026, down from 76.4% as of June 30, 2025, as deposit growth outpaced loan growth.

Credit Quality

The Company’s credit quality remained solid during the second quarter of 2026 with a negligible delinquency ratio of only 0.1% of gross loans and leases. Total special mention loans and substandard loans were $17.6 million and $3.1 million as of June 30, 2026 compared to $29.1 million and $1.4 million as of June 30, 2025, respectively. Net charge-offs were $165,000 or 0.005% of average loans and leases in the second quarter of 2026 compared to net charge-offs of $544,000 or 0.015% for the second quarter of 2025. The total allowance for credit losses on total loans and leases and unfunded commitments was $80.6 million as of June 30, 2026, compared to $79.7 million as of December 31, 2025. The allowance for credit losses on gross loans and leases increased by $0.9 million to $77.3 million, or 2.08%, as of June 30, 2026 compared with $76.4 million, or 2.08%, as of December 31, 2025. A provision for credit losses of $500,000 was recorded during the second quarter of 2026 compared to a $1.4 million provision during the second quarter of 2025. Provision for credit losses totaled $1.0 million for the first six months of 2026 compared to $1.7 million in the first six months of 2025.

Capital

The Company’s regulatory capital ratios continued to strengthen during the second quarter of 2026. At June 30, 2026, the Company’s preliminary total risk-based capital ratio was 16.04%, the common equity tier 1 capital ratio was 14.56% and the tier 1 leverage capital ratio was 11.68%, an increase from 15.29%, 13.81% and 11.00% as of December 31, 2025, respectively. At June 30, 2026, all F&M Bank capital ratios exceeded the regulatory requirements to be classified as “well-capitalized”. At June 30, 2026, the tangible common equity ratio was 11.45%, up from 11.08% as of June 30, 2025.

About Farmers & Merchants Bancorp

Farmers & Merchants Bancorp trades on the OTCQX under the symbol FMCB, and is the parent company of Farmers & Merchants Bank of Central California, also known as F&M Bank. Founded in 1916, F&M Bank is a locally owned and operated community bank, which proudly serves California through 33 convenient locations. F&M Bank is financially strong, with $5.8 billion in assets, and is consistently recognized as one of the nation's safest banks by national bank rating firms. The Bank has maintained a 5-Star rating from BauerFinancial for 36 consecutive years, longer than any other commercial bank in the State of California.

Farmers & Merchants Bancorp has paid dividends for 91 consecutive years and has increased dividends for 61 consecutive years. As a result, Farmers & Merchants Bancorp is a member of a select group of only 58 publicly traded companies referred to as “Dividend Kings,” and is ranked 17th in that group based on consecutive years of dividend increases. A “Dividend King” is a stock with 50 or more consecutive years of dividend increases.

In February 2026, F&M Bank was ranked 5th on Forbes Magazine’s list of "America’s Best Banks" for 2025 and was ranked 1st in California. In April 2024, F&M Bank was ranked 6th on Forbes Magazine’s list of "America’s Best Banks" for 2023.

In July 2025, Farmers & Merchants Bancorp was named by Bank Director’s Magazine as the #3 best-performing bank in the nation across all asset categories in their annual “Ranking Banking” study of the top performing banks for 2024. In July 2024, Farmers & Merchants Bancorp was named by Bank Director’s Magazine as the #2 best-performing bank in the nation across all asset categories in their annual “Ranking Banking” study of the top performing banks for 2023. In July 2023, the Bank was named by Bank Director’s Magazine as the #1 best-performing bank in the nation across all asset categories in their annual “Ranking Banking” study of the top performing banks for 2022.

In December 2023, F&M Bank was ranked 4th on S&P Global Market Intelligence's “Top 50 List of Best-Performing Community Banks” in the US with assets between $3.0 billion and $10.0 billion for 2023. S&P Global Market Intelligence ranks financial institutions based on several key factors including financial returns, growth, and balance sheet risk profile.

In October 2021, F&M Bank was named the “Best Community Bank in California” by Newsweek magazine. Newsweek’s ranking recognizes those financial institutions that best serve their customers’ needs in each state. This recognition speaks to the superior customer service the F&M Bank team members provide to their clients.

F&M Bank was ranked the 20th largest bank lender to agriculture in the United States as of March 31, 2026, by American Bankers Association. F&M Bank operates in the mid-Central Valley of California, including Sacramento, San Joaquin, Solano, Stanislaus, and Merced counties and the east region of the San Francisco Bay Area, including Napa, Alameda and Contra Costa counties.

F&M Bank offers a full complement of loan, deposit, equipment leasing and treasury management products to businesses, as well as a full suite of consumer banking products. The FDIC awarded F&M Bank the highest possible rating of "Outstanding" in their last Community Reinvestment Act (“CRA”) evaluation.

Forward-Looking Statements

This press release may contain certain forward-looking statements that are based on management's current expectations regarding the Company’s financial performance. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words such as “believe,” “expect,” “intend,” “estimate” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Forward-looking statements in this press release include, without limitation, statements regarding the Company’s financial condition, competitive positioning, and expectations regarding future performance and results. Forward-looking statements in this press release include matters that involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from results expressed or implied by such forward-looking statements. Such risk factors include, among others: the effects of and changes in monetary and fiscal policies, including the interest rate policies of the Federal Reserve Board and their effects on inflation risk; financial and regulatory policies of the United States government; political and economic uncertainty, including any decline in global, domestic or local economic conditions or the stability of credit and financial markets and the impact of tariffs and the conflict in Iran and the Middle East; and other relevant risks detailed in the Company’s Form 10-K, Form 10-Qs, and various other securities law filings made periodically by the Company, copies of which are available from the Company’s website. All such factors are difficult to predict and are beyond the Company's ability to control or predict. There also may be additional risks that the Company does not presently know, or that the Company currently believes to be immaterial, that could also cause actual results to differ materially and adversely from those contained in these forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or circumstances after the date of this press release or otherwise, except as may be required by applicable law.

For more information about Farmers & Merchants Bancorp and F&M Bank, visit fmbonline.com.

Investor Relations Contact
Farmers & Merchants Bancorp
Bart R. Olson
Executive Vice President and Chief Financial Officer
Phone: 209-367-2485

              FINANCIAL HIGHLIGHTS
           Three-Months Ended  Six-Months Ended(dollars in thousands, except per share amounts)   June 30, 2026 March 31, 2026 June 30, 2025  June 30, 2026 June 30, 2025Earnings and Profitability:             Interest income   $72,478  $71,710  $70,061   $144,188  $137,199 Interest expense    15,128   14,807   16,193    29,935   30,190 Net interest income    57,350   56,903   53,868    114,253   107,009 Provision for credit losses    500   500   1,400    1,000   1,700 Non-interest income    5,036   5,159   5,519    10,195   10,540 Non-interest expense    28,140   29,178   26,651    57,318   52,160 Income before taxes    33,746   32,384   31,336    66,130   63,689 Income tax expense    9,014   8,313   8,281    17,327   17,625 Net income   $24,732  $24,071  $23,055   $48,803  $46,064               Basic earnings per common share   $36.77  $35.91  $33.06   $72.68  $65.94 Diluted earnings per common share   $36.39  $35.34  $32.94   $71.46  $65.80 Weighted Average Shares Outstanding - Basic    672,666   670,265   697,332    671,472   698,527 Weighted Average Shares Outstanding - Diluted    679,560   681,179   699,852    682,912   700,102 Common shares outstanding    691,944   693,043   725,367    691,944   725,367 Return on average assets    1.71%   1.68%   1.65%    1.70%   1.67% Return on average equity    14.84%   14.69%   15.09%    14.75%   15.37% Loan yield    6.11%   6.08%   6.08%    6.10%   6.07% Investment securities yield    3.72%   3.70%   3.31%    3.71%   3.25% Cost of average total deposits    1.19%   1.18%   1.31%    1.19%   1.25% Net interest margin - tax equivalent    4.20%   4.25%   4.07%    4.22%   4.13% Effective tax rate    26.71%   25.67%   26.43%    26.20%   27.67% Efficiency ratio    45.11%   47.01%   44.88%    46.06%   44.37% Book value per common share(1)   $981.32  $946.63  $852.72   $981.32  $852.72 Tangible book value per common share(2)(b)   $963.82  $928.99  $835.33   $963.82  $835.33               Balance Sheet:             Total assets   $5,835,459  $5,836,664  $5,478,773   $5,835,459  $5,478,773 Cash and cash equivalents    278,641   384,224   291,752    278,641   291,752 of which held at Fed    186,009   318,125   178,999    186,009   178,999 Total investment securities    1,629,242   1,610,188   1,321,812    1,629,242   1,321,812 of which available-for-sale    932,778   901,915   572,951    932,778   572,951 of which held-to-maturity    696,464   708,273   748,861    696,464   748,861 Gross loans and leases    3,721,425   3,634,556   3,635,831    3,721,425   3,635,831 Loans and leases held for investment, net of unearned income  3,703,857   3,616,871   3,623,636    3,703,857   3,623,636 Allowance for credit losses - loans and leases    77,253   76,918   76,169    77,253   76,169 Total deposits    5,092,963   5,116,273   4,760,364    5,092,963   4,760,364 Subordinated debentures    10,310   10,310   10,310    10,310   10,310 Total shareholders' equity   $679,017  $656,055  $618,532   $679,017  $618,532               Loan-to-deposit ratio    73.07%   71.04%   76.38%    73.07%   76.38% Percentage of checking deposits to total deposits    48.89%   46.93%   49.23%    48.89%   49.23%               Capital ratios (Bancorp)(a)             Common equity tier 1 capital to risk-weighted assets    14.56%   14.23%   13.88%    14.56%   13.88% Tier 1 capital to risk-weighted assets    14.78%   14.45%   14.10%    14.78%   14.10% Risk-based capital to risk-weighted assets    16.04%   15.71%   15.36%    16.04%   15.36% Tier 1 leverage capital ratio    11.68%   11.35%   11.18%    11.68%   11.18% Tangible common equity ratio(3)(b)    11.45%   11.05%   11.08%    11.45%   11.08%               (a) Capital information is preliminary for June 30, 2026
(b) Non-GAAP measurement
              
Non-GAAP measurement reconciliation:             (Dollars in thousands)   June 30, 2026 March 31, 2026 June 30, 2025                   Shareholders' equity   $679,017  $656,055  $618,532      Less: Intangible assets    12,105   12,227   12,609      Tangible common equity   $666,912  $643,828  $605,923                    Total assets   $5,835,459  $5,836,664  $5,478,773      Less: Intangible assets    12,105   12,227   12,609      Tangible assets   $5,823,354  $5,824,437  $5,466,164                    Tangible common equity ratio(3)    11.45%   11.05%   11.08%                    (1) Total common equity divided by common shares outstanding
(2) Tangible common equity divided by common shares outstanding
(3) Tangible common equity divided by tangible assets