Company: WTFCN
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001015328-25-000130
Chunk: 68

Company: WINTRUST FINANCIAL CORP
Filing Date: 2025-05-05
Form: 10-Q
Item: Item 1
Chunk 68
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 Level 3 fair value measurement.

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Deposits with stated maturities — The fair value of certificates of deposit is based on the discounted value of contractual cash flows. The discount rate is estimated using the rates currently in effect for deposits of similar remaining maturities. In accordance with ASC 820, the Company has categorized deposits with stated maturities as a Level 3 fair value measurement.FHLB advances — The fair value of FHLB advances is calculated using a discounted cash flow analysis based on current market rates of similar maturity debt securities to discount cash flows. In accordance with ASC 820, the Company has categorized FHLB advances as a Level 3 fair value measurement.Subordinated notes — The fair value of the subordinated notes is based on a market price obtained from an independent pricing vendor. In accordance with ASC 820, the Company has categorized subordinated notes as a Level 2 fair value measurement.

Junior subordinated debentures — The fair value of the junior subordinated debentures is based on the discounted value of contractual cash flows. In accordance with ASC 820, the Company has categorized junior subordinated debentures as a Level 3 fair value measurement. 

(16) Stock-Based Compensation Plans

As of March 31, 2025, approximately 347,000 shares were available for future grants, assuming the maximum number of shares are issued for the performance awards outstanding, approved under the Company Stock Incentive Plans (“the Plans”). Descriptions of the Plans are included in Note (18) “Stock Compensation Plans and Other Employee Benefit Plans” of the 2024 Form 10-K.Stock-based compensation expense recognized in the Consolidated Statements of Income was $10.4 million in the first quarter of 2025 and $9.2 million in the first quarter of 2024. A summary of the Plans’ stock option activity for the three months ended March 31, 2025 and March 31, 2024 is presented below:Stock OptionsCommonSharesWeightedAverageStrike PriceRemainingContractualTerm (1)IntrinsicValue (2)(in thousands)Outstanding at January 1, 202510,825 $43.76 Granted— — Exercised(5,150)42.61 Forfeited or canceled— — Outstanding at March 31, 20255,675 $44.81 3.4$384 Exercisable at March 31,