Company: WTFCN
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001015328-25-000093
Chunk: 316

Company: WINTRUST FINANCIAL CORP
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 316
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 interest rate of 4.85% and mature in June 2029. In the second quarter of 2024, the Company repaid the $140.0 million of subordinated notes issued in 2014. The notes had a stated interest rate of 5.00% and matured in June 2024. See Note (12) “Subordinated Notes” to the Consolidated Financial Statements in Item 8 for further discussion.

The Company had $253.6 million of junior subordinated debentures outstanding as of December 31, 2024 and 2023. The amounts reflected on the balance sheet represent the junior subordinated debentures issued to eleven trusts by the Company and equal the amount of the preferred and common securities issued by the trusts. See Note (14) “Junior Subordinated Debentures” to the Consolidated Financial Statements in Item 8 for further discussion of the Company’s junior subordinated debentures. Starting in 2016, none of the junior subordinated debentures qualified as Tier 1 regulatory capital of the Company resulting in $245.5 million of the junior subordinated debentures, net of common securities, being included in the Company’s Tier 2 regulatory capital as of December 31, 2024.

Shareholders’ Equity. Total shareholders’ equity was $6.3 billion at December 31, 2024, an increase of $944.8 million from the December 31, 2023 total of $5.4 billion. The increase in 2024 was primarily a result of net income of $695.0 million, common stock issued for acquisition of Macatawa Bank Corporation of $499.2 million, and $38.1 million of stock-based compensation costs credited to surplus.  These increases to total shareholders’ equity were partially offset by $78.9 million in net unrealized losses from investment securities, net of tax, $43.3 million of net unrealized losses on cash flow hedges, net of tax, $24.9 million of foreign currency translation adjustments, net of tax, common stock dividends of $115.3 million and preferred stock dividends of $28.0 million. See Note (23) “Shareholders’ Equity” to the Consolidated Financial Statements in Item 8 for further discussion of shareholders’ equity. 

Liquidity and Capital Resources

The Company and the banks are subject to various regulatory capital requirements established by the federal banking agencies that take into account risk attributable to