Company: WTFCN
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001015328-25-000093
Chunk: 103

Company: WINTRUST FINANCIAL CORP
Filing Date: 2025-02-28
Form: 10-K
Item: Item 8
Chunk 103
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ized fair value adjustments recorded in connection with advances acquired through acquisitions and debt issuance costs. Unamortized prepayment fees are amortized as an adjustment to interest expense using the effective interest method. 

In 2024, the Company was required to repay approximately $750.0 million of FHLB advances prior to the respective maturity date as a result of call date terms within the related agreements. Approximately $2.7 billion of the FHLB advances outstanding at December 31, 2024 currently have varying put or call dates over the next 12 months. At December 31, 2024, the weighted average contractual interest rate on FHLB advances was 3.23%. 

(12) Subordinated Notes

At December 31, 2024, the Company had outstanding subordinated notes totaling $298.3 million compared to $437.9 million at December 31, 2023. In 2019, the Company issued $300.0 million of subordinated notes receiving $296.7 million in proceeds, 

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net of underwriting discount. The notes have a stated 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. Subordinated notes are stated at par adjusted for unamortized issuance costs paid related to such debt.In connection with the issuance of subordinated notes in 2019 and 2014, the Company incurred costs totaling $3.3 million and $1.3 million, respectively. These costs are a direct deduction from the carrying amount of the subordinated notes and are amortized to interest expense using the effective interest method. At December 31, 2024, the unamortized balances of costs for both issuances were approximately $1.7 million. These subordinated notes qualify as Tier II capital under the regulatory capital requirements, subject to restrictions.

(13) Other Borrowings

The following is a summary of other borrowings at December 31, 2024 and 2023:(In thousands)20242023Notes payable$142,763 $171,282 Short-term borrowings— 13,430 Secured Borrowings334,934 401,897 Other57,106 59,204 Total other borrow