Company: WTFCN
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001015328-25-000093
Chunk: 114

Company: WINTRUST FINANCIAL CORP
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 114
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401 Total minimum future amounts$200,381 Impact of measuring the lease liability on a discounted basis(46,771)Total lease liability$153,610 

138

In addition to the lessee arrangements discussed above, the Company also leases certain owned premises and receives rental income from such lessor agreements. Gross rental income related to the Company’s buildings totaled $5.8 million, $6.3 million and $7.8 million, in 2024, 2023 and 2022, respectively. The approximate annual gross rental receipts under noncancelable agreements with remaining terms in excess of one year as of December 31, 2024, are as follows (in thousands): Receipts2025$3,717 20262,997 20272,245 20281,131 2029746 2030 and thereafter3,612 Total minimum future amounts$14,448 

(17) Income Taxes

Income tax expense (benefit) for the years ended December 31, 2024, 2023 and 2022 is summarized as follows: Years Ended December 31,(In thousands)202420232022Current income taxes:Federal$178,075 $165,518 $116,976 State52,882 62,948 48,633 Foreign10,076 13,696 3,207 Total current income taxes$241,033 $242,162 $168,816 Deferred income taxes:Federal$2,914 $(8,245)$18,560 State7,927 (9,750)(1,183)Foreign170 (1,712)4,680 Total deferred income taxes$11,011 $(19,707)$22,057 Total income tax expense$252,044 $222,455 $190,873 The Company’s income before income taxes in 2024, 2023 and 2022 includes $27.3 million, $42.5 million and $27.7 million, respectively, of foreign income attributable to its Canadian subsidiary. The tax effects of certain transactions are recorded directly to shareholders’ equity rather than income tax expense. The tax effect of fair value adjustments on securities available-for-sale and derivative instruments in cash flow hedges are recorded directly to shareholders’ equity as part of other comprehensive income (loss) and are reflected on the Consolidated Statements of Comprehensive Income. The tax effect of unrealized gains and