Company: WTFCN
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001015328-25-000093
Chunk: 313

Company: WINTRUST FINANCIAL CORP
Filing Date: 2025-02-28
Form: 10-K
Item: Item 7
Chunk 313
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 presents the composition of average deposits by product category for each of the last three years:

 Years Ended December 31, 202420232022(Dollars in thousands)BalancePercentBalancePercentBalancePercentNon-interest bearing deposits$10,212,088 22 %$11,018,596 25 %$13,667,879 32 %NOW and interest-bearing demand deposits5,360,630 11 5,626,277 13 5,355,077 13 Wealth management deposits1,458,404 3 1,730,523 4 2,827,497 7 Money market accounts15,946,363 33 13,665,248 32 12,254,159 29 Savings accounts6,015,085 13 5,299,205 12 4,014,166 10 Time certificates of deposit8,753,848 18 5,952,537 14 3,812,148 9 Total average deposits$47,746,418 100 %$43,292,386 100 %$41,930,926 100 %

Wealth management deposits are funds from the brokerage customers of Wintrust Investments, CDEC and trust and asset management customers of the Company which have been placed into deposit accounts of the banks (“wealth management deposits” in the table above). Wealth management deposits consist primarily of money market accounts. Consistent with reasonable interest rate risk parameters, these funds have generally been invested in loan production of the banks as well as other investments suitable for banks.

Other Funding Sources. Although deposits are the Company’s primary source of funding its interest-earning assets, the Company’s ability to manage the types and terms of deposits is somewhat limited by customer preferences and market competition. As a result, in addition to deposits and the issuance of equity securities and the retention of earnings, the Company uses several other funding sources to support its growth. These sources include FHLB advances, notes payable, short-term borrowings, secured borrowings, subordinated debt, and junior subordinated debentures. The Company evaluates the terms and unique characteristics of each source, as well as its asset-liability management position, in determining the use of such funding sources.

The Company had approximately $18.9 billion of uninsured deposits as of December 31, 2024, of which $3.1 billion were fully collateralized deposits. The net position of $15