WINTRUST FINANCIAL CORPWTFC
WINTRUST FINANCIAL CORP Goodwill & Intangibles Disclosure
Goodwill and Other Acquisition-Related Intangible Assets
A summary of the Company’s goodwill assets by business segment is presented in the following table:
(In thousands) | January 1, 2025 | Goodwill Acquired | Impairment Loss | Goodwill Adjustments | December 31, 2025 | |||||||||||||||||||||||||||
| Community banking | $ | 687,754 | $ | — | $ | — | $ | — | $ | 687,754 | ||||||||||||||||||||||
| Specialty finance | 37,193 | — | — | 1,018 | 38,211 | |||||||||||||||||||||||||||
| Wealth management | 71,995 | — | — | — | 71,995 | |||||||||||||||||||||||||||
| Total | $ | 796,942 | $ | — | $ | — | $ | 1,018 | $ | 797,960 | ||||||||||||||||||||||
The specialty finance unit’s goodwill increased $1.0 million in 2025 as a result of foreign currency translation adjustments related to prior Canadian acquisitions.
The Company assesses each reporting unit’s goodwill for impairment on at least an annual basis and considers potential indicators of impairment at each reporting date between annual goodwill impairment tests. At October 1, 2025, the Company utilized a qualitative approach for its annual goodwill impairment tests of the community banking, specialty finance and wealth management reporting units and determined that no impairment existed at that time.
At each reporting date between annual goodwill impairment tests, the Company considers potential indicators of impairment. The Company assessed whether events and circumstances as of each reporting date in 2025 resulted in it being more likely than not that the fair value of any reporting unit was less than its carrying value. Potential impairment indicators considered include the condition of the economy and banking industry; government intervention and regulatory updates; the impact of recent events to financial performance and cost factors of the reporting units; performance of the Company’s stock and other relevant events. As of December 31, 2025, the Company identified no indicators of goodwill impairment subsequent to its analysis as of October 1, 2025 within the community banking, specialty finance or wealth management reporting units and the Company determined it was more likely than not that the fair value of all reporting units exceeded the respective carrying value of such reporting unit.
A summary of acquisition-related intangible assets as of the dates shown and the expected amortization of finite-lived acquisition-related intangible assets as of December 31, 2025 is as follows:
| December 31, | ||||||||||||||
(In thousands) | 2025 | 2024 | ||||||||||||
| Community banking segment: | ||||||||||||||
| Core deposit intangibles with finite lives: | ||||||||||||||
| Gross carrying amount | $ | 158,106 | $ | 158,106 | ||||||||||
| Accumulated amortization | (76,861) | (56,784) | ||||||||||||
| Net carrying amount | $ | 81,245 | $ | 101,322 | ||||||||||
| Trademark with indefinite lives: | ||||||||||||||
| Carrying amount | 11,500 | 13,800 | ||||||||||||
| Total net carrying amount | $ | 92,745 | $ | 115,122 | ||||||||||
| Specialty finance segment: | ||||||||||||||
| Customer list intangibles with finite lives: | ||||||||||||||
| Gross carrying amount | $ | 1,961 | $ | 1,959 | ||||||||||
| Accumulated amortization | (1,932) | (1,881) | ||||||||||||
| Net carrying amount | $ | 29 | $ | 78 | ||||||||||
| Wealth management segment: | ||||||||||||||
| Customer list and other intangibles with finite lives: | ||||||||||||||
| Gross carrying amount | $ | 26,630 | $ | 26,630 | ||||||||||
| Accumulated amortization | (21,405) | (20,140) | ||||||||||||
| Net carrying amount | $ | 5,225 | $ | 6,490 | ||||||||||
| Total acquisition-related intangible assets: | ||||||||||||||
| Gross carrying amount | $ | 198,197 | $ | 200,495 | ||||||||||
| Accumulated amortization | (100,198) | (78,805) | ||||||||||||
| Total acquisition-related intangible assets, net | $ | 97,999 | $ | 121,690 | ||||||||||
| Estimated amortization for the year-ended: | |||||
| 2026 | $ | 18,823 | |||
| 2027 | 16,340 | ||||
| 2028 | 13,908 | ||||
| 2029 | 11,536 | ||||
| 2030 | 9,491 | ||||
The core deposit intangibles recognized in connection with the Company’s bank acquisitions are amortized over a ten-year period on an accelerated basis. The customer list intangibles recognized in connection with the purchase of life insurance premium finance assets in 2009 are being amortized over an 18-year period on an accelerated basis. The customer list and other intangibles recognized in connection with prior acquisitions within the wealth management segment are being amortized over a period of up to ten-years on a straight-line or accelerated basis. Indefinite-lived intangible assets consist of certain trade and domain names recognized in connection with prior acquisitions. As indefinite-lived intangible assets are not amortized, the Company assesses impairment on at least an annual basis. As part of this assessment, an impairment of $2.3 million was recognized on certain indefinite-lived trademarks regarding the Veteran’s First trade name primarily due to a decrease in estimated future revenue projections.
Total amortization expense associated with finite-lived intangibles in 2025, 2024 and 2023 was $21.4 million, $12.1 million and $5.5 million, respectively.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Feb 25, 2022 | |
| 2020 | Feb 26, 2021 | |
| 2019 | Feb 28, 2020 | |
| 2018 | Feb 28, 2019 | |
| 2017 | Feb 28, 2018 | |
| 2016 | Feb 28, 2017 | |
| 2015 | Feb 29, 2016 | |
About Goodwill & Intangibles Disclosures
Goodwill and intangible asset disclosures reveal the premium paid in acquisitions and how management assesses whether that premium retains its value. Since goodwill is no longer amortized under US GAAP, the annual impairment test is the only mechanism that adjusts carrying values downward — making the assumptions behind that test critically important for investors.
Key signals: a history of goodwill impairments suggests management consistently overpays for acquisitions. Watch the gap between reporting unit fair value and carrying amount — when fair value exceeds carrying amount by less than 10-20%, a small decline in business performance could trigger a write-down. For finite-lived intangibles, examine useful life assumptions across customer relationships, technology, and trade names; aggressive estimates inflate near-term earnings. Compare total intangibles-to-total-assets ratios against peers to assess acquisition dependency. Rising goodwill as a percentage of equity can signal balance sheet fragility.