Company: WTFCN
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001015328-25-000093
Chunk: 116

Company: WINTRUST FINANCIAL CORP
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 116
---
49,857 Goodwill and intangible assets42,733 16,019 Premises and equipment38,554 35,288 Right-of-use asset32,651 36,249 Net unrealized gains on derivatives included in other comprehensive income— 11,516 Deferred loan fees and costs7,889 7,434 Other2,660 2,652 Total gross deferred tax liabilities342,148 324,821 Net deferred tax assets$37,370 $11,982 Management has determined that a valuation allowance is not required for the deferred tax assets at December 31, 2024 because it is more likely than not that these assets could be realized through future reversals of existing taxable temporary differences, tax planning strategies and future taxable income. This conclusion is based on the Company’s historical earnings, its current level of earnings and prospects for continued growth and profitability.

140

The Company has Federal net operating loss (“NOL”) carryforwards of $2.6 million that begin to expire in 2029 through 2035 and are subject to IRC Section 382 annual limitation. The NOL carryforwards were a result of acquisitions.The Company accounts for uncertainties in income taxes in accordance with ASC 740, “Income Taxes.” At December 31, 2024, 2023, and 2022, the Company had no unrecognized tax benefits related to uncertain tax positions that, if recognized, would impact the effective tax rate. If the Company were to record interest or penalties associated with uncertain tax positions, the interest or penalties would be included in income tax expense. As of December 31, 2024, the Company does not expect the total amount of unrecognized tax benefits to significantly increase in the next 12 months.The Company and its subsidiaries are subject to U.S. federal income tax as well as income tax in numerous state jurisdictions and in Canada. In the ordinary course of business, we are routinely subject to audit by the taxing authorities of these jurisdictions. Currently, the Company’s U.S. federal income tax returns are open and subject to audit for the 2021 tax return year forward, and in general, the Company’s state income tax returns are open and subject to audit from the 2021 tax return year forward, subject to individual state statutes of limitation. The Company has extended the statute of limitations on certain state income tax returns for tax years 2017 through 2020 due to an ongoing audit. The Company’s Canadian subsidiary’s Canadian income tax returns