Company: WTFCN
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0001015328-25-000130
Chunk: 92

Company: WINTRUST FINANCIAL CORP
Filing Date: 2025-05-05
Form: 10-Q
Item: Item 1
Chunk 92
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,825 4,860 21 Total other38,821 32,500 6,321 19 Total Non-interest Expense$366,090 $333,145 $32,945 10 %

NM - Not meaningful.

Notable contributions to the change in non-interest expense are as follows: 

Salaries and employee benefits expense increased for the three months ended March 31, 2025 as compared to the same period in 2024. The increase was primarily due to annual merit increases and increases in employees related to the growth of the Company, including the Macatawa acquisition.

Software and equipment expense increased for the three months ended March 31, 2025 as compared to the same period in 2024 as a result of higher software license fees as well as higher computer and software depreciation expense as the Company invests in enhancements to the digital customer experience, upgrades to infrastructure and enhancements to information security capabilities. Software and equipment expense includes furniture, equipment and computer software, depreciation, and repairs and maintenance costs.

Amortization of other acquisition-related intangible assets increased for the three months ended March 31, 2025 compared to the same period in 2024 as a result of amortization of the core deposit intangible asset associated with the Macatawa acquisition. 

FDIC insurance expense decreased for the three months ended March 31, 2025 compared to the same period in 2024 primarily due to $5.2 million recognized in March 31, 2024 related to the FDIC’s special assessment on uninsured deposits in response to certain bank failures that occurred in 2023.

Miscellaneous non-interest expense includes ATM expenses, correspondent bank charges, directors’ fees, telephone, postage, corporate insurance, dues and subscriptions, problem loan expenses and other miscellaneous operational losses and costs. During the three months ended March 31, 2025, the company incurred $2.7 million in acquisition-related expenses related to the Macatawa acquisition.

55

Income Taxes

During the first three months of 2025, the Company recorded income tax expense of $64.0 million compared to $62.7 million for the first three months of 2024. The effective tax rates were 25.30% for the first three months of 2025 and 25.07% for the first three months of 2024.

The effective tax rates were partially impacted by the tax effects related to share-based compensation which fluctuate based on the Company’s stock price and timing