Company: WTFCN
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001015328-25-000093
Chunk: 115

Company: WINTRUST FINANCIAL CORP
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 115
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 losses on certain foreign currency transactions is also recorded in shareholders’ equity as part of other comprehensive income (loss).

139

A reconciliation of the differences between taxes computed using the statutory Federal income tax rate and actual income tax expense is as follows: Years Ended December 31,(Dollars in thousands)202420232022Income tax expense using the statutory Federal income tax rate of 21% on income before taxes$198,889 $177,467 $147,117 (Decrease) increase in tax resulting from:Tax-exempt interest, net of interest expense disallowance(5,338)(5,348)(3,936)State taxes, net of federal tax benefit48,039 42,027 37,328 Income earned on bank owned life insurance(1,139)(1,013)(102)Excess tax benefits on share based compensation(3,621)(2,314)(2,278)Meals, entertainment and related expenses2,823 2,439 1,506 FDIC insurance expense8,602 7,713 6,014 Non-deductible compensation expense2,587 2,147 2,361 Foreign subsidiary, net4,600 3,060 2,376 Tax benefits related to tax credits, net(3,049)(3,632)(338)Other, net(349)(91)825 Income tax expense$252,044 $222,455 $190,873 The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31, 2024 and 2023 are as follows:(In thousands)20242023Deferred tax assets:Net unrealized losses on securities included in other comprehensive income$151,886 $126,155 Allowance for credit losses113,648 113,105 Right-of-use liability39,691 43,693 Deferred compensation34,850 25,369    Stock-based compensation14,741 13,762 Loans12,104 435 FDIC special assessment6,926 9,092 Net unrealized losses on derivatives included in other comprehensive income4,032 — Federal net operating loss carryforward549 697 Other1,091 4,495 Total gross deferred tax assets379,518 336,803 Deferred tax liabilities:Equipment leasing165,363 165,806 Capitalized servicing rights52,298