Company: WTFCN
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001015328-25-000093
Chunk: 277

Company: WINTRUST FINANCIAL CORP
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 277
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,506 2,247 11 4,688 28 Miscellaneous96,024 84,428 80,894 11,596 14 3,534 4 Total other$141,321 $126,718 $117,976 $14,603 12 %$8,742 7 %Total Non-Interest Expense$1,402,724 $1,312,499 $1,177,271 $90,225 7 %$135,228 11 %

 NM—Not Meaningful

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

Salaries and employee benefits is the largest component of non-interest expense, accounting for 58% of the total in 2024 compared to 57% in 2023. Salaries and employee benefits increased in 2024 compared to 2023 primarily as a result of elevated commissions from increased mortgage production as well as due to the increase in employees related to the growth of the Company, including Macatawa. 

Software and equipment expense increased in 2024 compared to 2023 primarily as a result of increased software licensing expenses 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 in 2024 compared to 2023. The increase was primarily due to the amortization of the core deposit intangible associated with the Macatawa acquisition.

Professional fees expense increased in 2024 compared to 2023 primarily as a result of increased fees on consulting services and legal costs associated with the Macatawa acquisition. Professional fees  include  legal,  audit,  and  tax  fees,  external  loan  review  costs,  consulting  arrangements  and  normal  regulatory  exam assessments.

FDIC insurance expense decreased in 2024 compared to 2023 primarily due to the Company’s recognition of approximately $34.4 million in 2023 as compared to $5.2 million recognized in 2024 accrued for the estimated amount owed as a result of the FDIC special assessment on uninsured deposits in response to certain bank failures occurring in 2023. 

67

Miscellaneous non-interest expense includes ATM expenses, correspondent banking charges, directors’ fees, telephone, postage, corporate insurance, dues and subscriptions,