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Wintrust Financial Corporation
727 North Bank Lane, Lake Forest, Illinois 60045

FOR MORE INFORMATION CONTACT:
Edward J. Wehmer, President & Chief Executive Officer
David A. Dykstra, Senior Executive Vice President & Chief Operating Officer
(847) 615-4096
Website address: www.wintrust.com

LAKE FOREST, ILLINOIS — Wintrust Financial Corporation (“Wintrust” or “the Company”) (Nasdaq: WTFC) announced quarterly net income of $9.9 million for the quarter ended September 30, 2003, an increase of $2.6 million, or 36%, over the $7.3 million recorded in the third quarter of 2002. On a per share basis, net income for the third quarter of 2003 totaled $0.53 per diluted common share, a $0.13 per share, or 33%, increase as compared to the 2002 third quarter total of $0.40 per diluted common share. The return on average equity for the third quarter of 2003 stood at 15.24% versus 13.68% for the third quarter of 2002.

For the first nine months of 2003, net income totaled $27.2 million, or $1.46 per diluted common share, an increase of $7.2 million, or 36%, when compared to $20.0 million, or $1.16 per diluted common share, for the same period in 2002. The results for the first nine months of the prior year included pretax income of $1.25 million, or $754,000 after-tax ($0.04 per common diluted share), for a partial settlement related to a non-recurring charge recorded in 2000. Return on average equity for the first nine months of 2003 was 14.92% versus 14.98% for the same period of 2002.

“In the face of challenging economic and competitive times, we are very pleased to report another solid quarter of growth and profitability. We were able to post improvements in the net interest margin, efficiency measures and overall return to shareholders,” commented Edward J. Wehmer, President and Chief Executive Officer. “We are also pleased to see a second consecutive quarter of growth in our wealth management revenues.” Mr. Wehmer added, “We remain comfortable that we will meet or exceed the existing range of the analysts’ earnings estimate for 2003 of $1.83 to $1.95 per share.”

Wintrust’s key operating measures and growth rates for the first nine months of 2003 as compared to the prior year period are shown in the table below:


	Nine Months			Nine Months
	Ended			Ended			% or
	September 30,			September 30,			basis point (bp)
(Dollars in thousands, except per share data)	2003			2002			Change

Net income	$	27,189		$	19,953			36	%
Net income per common share — Diluted	$	1.46		$	1.16			26	%
Net revenue (1)	$	142,115		$	114,480			24	%
Net interest income	$	86,824		$	72,000			21	%
Net interest margin (4)		3.20	%		3.42	%	(22)bp
Core net interest margin (2) (4)		3.32	%		3.60	%	(28)bp
Net overhead ratio (3)		1.21	%		1.48	%	(27)bp
Return on average assets		0.91	%		0.87	%	4 bp
Return on average equity		14.92	%		14.98	%	(6)bp
At end of period
Total assets	$	4,304,877		$	3,576,775			20	%
Total loans	$	2,949,143		$	2,483,892			18	%
Total deposits	$	3,529,196		$	2,971,485			19	%
Total equity	$	299,874		$	218,028			38	%
Book value per common share	$	15.87		$	12.71			25	%
Market price per common share	$	37.80		$	28.65			32	%
Common shares outstanding		18,898,408			17,148,022			10	%

(2)

Core net interest margin excludes interest expense associated with Wintrust’s Long-term Debt — Trust Preferred Securities.

(3)

The net overhead ratio is calculated by netting total non-interest expense and total non-interest income, annualizing this amount, and dividing by that period’s total average assets. A lower ratio indicates a higher degree of efficiency.

(4)

See “Supplemental Financial Measures/Ratios” for additional information on this performance measure/ratio.

On February 20, 2002, Wintrust completed its acquisition of Wayne Hummer Investments, LLC (including its wholly owned subsidiary, Focused Investments LLC) and Wayne Hummer Asset Management Company (collectively, the “Wayne Hummer Companies”). The Wayne Hummer Companies’ results of operations are included only since the effective date of acquisition (February 1, 2002) in Wintrust’s results.

On February 4, 2003, Wintrust completed the acquisition of Lake Forest Capital Management Company based in Lake Forest, Illinois. Lake Forest Capital Management has been merged into and is operating as a separate division of Wayne Hummer Asset Management Company, Wintrust’s existing asset management subsidiary. Lake Forest Capital Management Company’s results of operations are included only since the

effective date of acquisition (February 1, 2003) in Wintrust’s 2003 results. Lake Forest Capital Management Company further expands our wealth management business in the Chicago metropolitan area.

On August 7, 2003, Wintrust announced the signing of a definitive agreement to acquire Village Bancorp, Inc. (“Village”) in a stock merger transaction. Village is the parent company of Village Bank and Trust—Arlington Heights (“Village Bank”) that has locations in Arlington Heights and Prospect Heights, Illinois. Village Bank began operations as a de novo bank in 1995 and had total assets of approximately $74 million as of June 30, 2003. Subject to approval by regulators and Villages’ shareholders, and the satisfaction of certain closing conditions, the transaction is expected to close in the fourth quarter of 2003.

On September 26, 2003, Wintrust announced the completion of the sale of 1,377,108 common shares, including the underwriters’ over-allotment option, of common stock in connection with the Company’s underwritten public offering. The offering was priced at $35.80 per share, and all of the shares were newly issued. Net proceeds to the Company from the sale, after deducting the underwriting discount and estimated offering expenses, were approximately $46.1 million.

Subsequent to quarter-end, on October 1, 2003, Wintrust announced the completion of its previously announced acquisition of 100% of the ownership interest of Advantage National Bancorp, Inc. (“Advantage”) in a stock merger transaction. Advantage is the parent company of Advantage National Bank that has locations in Elk Grove Village and Roselle, Illinois. Advantage National Bank is a de novo bank that began operations in January, 2001 and had total assets of approximately $107.5 million as of June 30, 2003.

Total assets rose to $4.30 billion at September 30, 2003, an increase of $728 million, or 20%, compared to $3.58 billion a year ago, and an increase of $583 million, or 21% on an annualized basis, since December 31, 2002. Total deposits as of September 30, 2003 were $3.53 billion, an increase of $558 million, or 19%, as compared to $2.97 billion at September 30, 2002, and an increase of $440 million, or 19% on an annualized basis, since year-end 2002. Total loans grew to $2.95 billion as of September 30, 2003, a $465 million, or 18%, increase over the $2.48 billion balance as of a year ago, and an increase of $393 million, or 21% on an annualized basis, since December 31, 2002.

For the third quarter of 2003, net interest income totaled $31.9 million, increasing $6.5 million, or 25%, compared to the third quarter of 2002 and $3.6 million, or 50% on an annualized basis, over the second quarter of 2003. Average earning assets grew $716 million over the third quarter of 2002, a 23% increase. Strong loan growth in the third quarter of 2003 continued to fuel earning asset growth as average loans increased over the second quarter of 2003 by $221 million, or 31% on an annualized basis. The net interest margin for the third quarter of 2003 was 3.32%, compared to 3.14% in the second quarter of 2003 and 3.26% in the third quarter of 2002. Net interest income totaled $86.8 million for the first nine months of 2003, increasing $14.8 million, or 21%, over the same period in 2002. The net interest margin for the first nine months of 2003 was 3.20% compared to 3.42% in 2002.

Non-interest income totaled $55.3 million for the first nine months of 2003, increasing $12.8 million, or 30%, over the same period in 2002 and totaled $18.4 million in the third quarter of 2003, increasing $2.5 million, or 16%, over the third quarter of 2002.

Non-interest expense totaled $91.3 million for the first nine months of 2003, increasing $14.7 million, or 19%, over the first nine months of 2002, and totaled $31.8 million in the third quarter of 2003, increasing $3.9 million, or 14%, over the third quarter of 2002. The net overhead ratio for the first nine months of 2003 improved to 1.21% from 1.48% in the same period last year.

Non-performing assets totaled $14.7 million, or 0.34% of total assets, at September 30, 2003, compared to $12.6 million, or 0.34% of total assets, at December 31, 2002 and $12.4 million, or 0.35% of total assets, at September 30, 2002.

Wintrust is a financial holding company whose common stock is traded on the Nasdaq Stock Market® (Nasdaq: WTFC). Its eight suburban Chicago community bank subsidiaries, each of which was founded as a de novo bank since December 1991, are located primarily in high income retail markets — Lake Forest Bank & Trust Company, Hinsdale Bank & Trust Company, North Shore Community Bank & Trust Company in Wilmette, Libertyville Bank & Trust Company, Barrington Bank & Trust Company, Crystal Lake Bank & Trust Company, Northbrook Bank & Trust Company and Advantage National Bank in Elk Grove Village. The banks also operate facilities in Lake Bluff, Highland Park, Hoffman Estates, Highwood, Glencoe, Winnetka, Clarendon Hills, Western Springs, Skokie, Wauconda, Cary, McHenry, Riverside and Roselle, Illinois. Additionally, the Company operates various non-bank subsidiaries. First Insurance Funding Corporation, one of the largest commercial insurance premium finance companies operating in the United States, serves commercial loan customers throughout the country. Tricom, Inc. of Milwaukee provides high-yielding, short-term accounts receivable financing and value-added out-sourced administrative services, such as data processing of payrolls, billing and cash management services, to temporary staffing service clients located throughout the United States. Wayne Hummer Investments, LLC is a broker-dealer providing a full range of private client and brokerage services to clients located primarily in the Midwest. Focused Investments LLC is a broker-dealer that provides a full range of investment solutions to clients through a network of community-based financial institutions throughout the Midwest. Wayne Hummer Asset Management Company provides money management services and advisory services to individual accounts as well as the Wayne Hummer Companies’ four proprietary mutual funds. Wayne Hummer Trust Company, a trust subsidiary, allows Wintrust to service customers’ trust and investment needs at each banking location. Wintrust Information Technology Services Company provides information technology support, item capture and statement preparation services to the Wintrust subsidiaries.

Currently, Wintrust operates a total of 34 banking offices and is in the process of constructing several additional branch facilities. All of the Company’s banking subsidiaries are locally managed with large local boards of directors. Wintrust Financial Corporation has been one of the fastest growing de novo bank groups in Illinois.


		Three Months Ended						Nine Months Ended
		September 30,						September 30,

(Dollars in thousands, except per share data)		2003			2002			2003			2002

Selected Financial Condition Data (at end of period):
Total assets		$	4,304,877		$	3,576,775
Total loans			2,949,143			2,483,892
Total deposits			3,529,196			2,971,485
Long-term debt — trust preferred securities			76,512			51,050
Total shareholders’ equity			299,874			218,028

Selected Statements of Income Data:
Net interest income		$	31,892		$	25,415		$	86,824		$	72,000
Net revenue (1)			50,335			41,372			142,115			114,480
Income before taxes			15,587			10,924			42,454			30,616
Net income			9,907			7,284			27,189			19,953
Net income per common share — Basic			0.56			0.43			1.56			1.24
Net income per common share — Diluted			0.53			0.40			1.46			1.16

Selected Financial Ratios and Other Data:
Performance Ratios:
Net interest margin (5)			3.32	%		3.26	%		3.20	%		3.42	%
Core net interest margin (2) (5)			3.44			3.42			3.32			3.60
Non-interest income to average assets			1.75			1.87			1.86			1.85
Non-interest expense to average assets			3.02			3.27			3.07			3.33
Net overhead ratio (3)			1.27			1.40			1.21			1.48
Efficiency ratio (4) (5)			63.08			67.49			64.23			66.51
Return on average assets			0.94			0.85			0.91			0.87
Return on average equity			15.24			13.68			14.92			14.98
Average total assets		$	4,181,703		$	3,392,669		$	3,975,136		$	3,068,189
Average total shareholders’ equity			257,897			211,181			243,706			178,093
Average loans to average deposits ratio			88.9	%		87.1	%		87.1	%		89.1	%

Common Share Data at end of period:
Market price per common share		$	37.80		$	28.65
Book value per common share		$	15.87		$	12.71
Common shares outstanding			18,898			17,148
Other Data at end of period:
Allowance for loan losses		$	22,760		$	17,199
Non-performing assets		$	14,697		$	12,451
Allowance for loan losses to total loans			0.77	%		0.69	%
Non-performing assets to total assets			0.34	%		0.35	%
Number of:
	Bank subsidiaries		7			7
	Non-bank subsidiaries		7			7
	Banking offices		32			31

(2)

The core net interest margin excludes interest expense associated with Wintrust’s Long-term Debt — Trust Preferred Securities.

(3)

(4)

The efficiency ratio is calculated by dividing total non-interest expense by tax-equivalent net revenues (less securities gains or losses). A lower ratio indicates more efficient revenue generation.

(5)

See “Supplemental Financial Measures/Ratios” for additional information on this performance measure/ratio.

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CONDITION


			(Unaudited)						(Unaudited)
			September 30,			December 31,			September 30,
(In thousands)			2003			2002			2002

Assets
Cash and due from banks			$	128,789		$	105,671		$	88,535
Federal funds sold and securities purchased under resale agreements				147,718			151,251			303,560
Interest-bearing deposits with banks				5,535			4,418			1,591
Available-for-sale securities, at fair value				714,412			547,679			371,684
Trading account securities				4,251			5,558			5,964
Brokerage customer receivables				32,549			37,592			44,222
Mortgage loans held-for-sale				65,240			90,446			58,237
Loans, net of unearned income				2,949,143			2,556,086			2,483,892
		Less: Allowance for loan losses		22,760			18,390			17,199

		Net loans		2,926,383			2,537,696			2,466,693
Premises and equipment, net				145,256			118,961			117,299
Accrued interest receivable and other assets				102,459			95,852			92,518
Goodwill				30,026			25,266			25,220
Other intangible assets				2,259			1,165			1,252

		Total assets	$	4,304,877		$	3,721,555		$	3,576,775

Liabilities and Shareholders’ Equity
Deposits:
	Non-interest bearing		$	332,538		$	305,540		$	281,204
	Interest bearing			3,196,658			2,783,584			2,690,281

		Total deposits		3,529,196			3,089,124			2,971,485
Notes payable				26,000			44,025			63,625
Federal Home Loan Bank advances				140,000			140,000			140,000
Subordinated notes				50,000			25,000			—
Other borrowings				64,098			46,708			49,245
Long-term debt — trust preferred securities				76,512			50,894			51,050
Accrued interest payable and other liabilities				119,197			98,802			83,342

		Total liabilities		4,005,003			3,494,553			3,358,747

Shareholders’ equity:
	Preferred stock			—			—			—
	Common stock			18,898			17,216			17,148
	Surplus			205,238			153,614			152,557
	Common stock warrants			1,030			81			96
	Retained earnings			81,372			56,967			49,045
	Accumulated other comprehensive loss			(6,664	)		(876	)		(818	)

		Total shareholders’ equity		299,874			227,002			218,028

		Total liabilities and shareholders’ equity	$	4,304,877		$	3,721,555		$	3,576,775

WINTRUST FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)


			Three Months Ended				Nine Months Ended
			September 30,				September 30,

(In thousands, except per share data)			2003		2002		2003		2002

Interest income
	Interest and fees on loans		$	45,498	$	41,398	$	128,327	$	116,425
	Interest bearing deposits with banks			40		9		97		17
	Federal funds sold and securities purchased under resale agreements			347		713		1,816		1,211
	Securities			6,257		4,829		17,626		14,540
	Trading account securities			28		42		112		122
	Brokerage customer receivables			303		554		999		1,739

		Total interest income		52,473		47,545		148,977		134,054

Interest expense
	Interest on deposits			16,535		18,449		50,650		51,709
	Interest on Federal Home Loan Bank advances			1,489		1,490		4,419		3,465
	Interest on subordinated notes			638		—		2,013		—
	Interest on notes payable and other borrowings			712		904		1,781		3,017
	Interest on long-term debt — trust preferred securities			1,207		1,287		3,290		3,863

		Total interest expense		20,581		22,130		62,153		62,054

Net interest income				31,892		25,415		86,824		72,000
Provision for loan losses				2,909		2,504		8,402		7,335

Net interest income after provision for loan losses				28,983		22,911		78,422		64,665

Non-interest income
	Wealth management fees			7,716		6,725		20,669		18,726
	Fees on mortgage loans sold			4,570		3,794		13,712		7,745
	Service charges on deposit accounts			889		798		2,611		2,289
	Gain on sale of premium finance receivables			1,200		656		3,470		2,250
	Administrative services revenue			1,019		941		3,178		2,694
	Net available-for-sale securities gains			31		196		637		43
	Other			3,018		2,847		11,014		8,733

		Total non-interest income		18,443		15,957		55,291		42,480

Non-interest expense
	Salaries and employee benefits			19,958		16,863		55,673		45,625
	Equipment expense			1,969		1,760		5,727		5,286
	Occupancy, net			1,841		1,700		5,626		4,853
	Data processing			1,114		1,073		3,193		3,129
	Advertising and marketing			602		596		1,645		1,653
	Professional fees			861		737		2,565		2,033
	Amortization of other intangible assets			150		120		448		237
	Other			5,344		5,095		16,382		13,713

		Total non-interest expense		31,839		27,944		91,259		76,529

Income before taxes				15,587		10,924		42,454		30,616
Income tax expense				5,680		3,640		15,265		10,663

Net income			$	9,907	$	7,284	$	27,189	$	19,953

Net income per common share — Basic			$	0.56	$	0.43	$	1.56	$	1.24

Net income per common share — Diluted			$	0.53	$	0.40	$	1.46	$	1.16

Cash dividends declared per common share			$	0.08	$	0.06	$	0.16	$	0.12

Weighted average common shares outstanding				17,617		17,114		17,445		16,047
Dilutive potential common shares				1,199		1,198		1,137		1,089

Average common shares and dilutive common shares				18,816		18,312		18,582		17,136

In accordance with new SEC rules required by the Sarbanes-Oxley Act of 2002 regarding the use of financial measures and ratios not calculated in accordance with generally accepted accounting principles (“GAAP”), a reconciliation must be provided that shows these measures and ratios calculated according to GAAP and a statement why management believes these measures and ratios provide a more accurate view of performance.

Certain non-GAAP performance measures and ratios are used by management to evaluate and measure the Company’s performance. These include taxable-equivalent net interest income (including its individual components), net interest margin (including its individual components), core net interest margin and the efficiency ratio. Management believes that these measures and ratios provide users of the Company’s financial information a more accurate view of the performance of the interest-earning assets and interest-bearing liabilities and of the Company’s operating efficiency for comparative purposes. Other financial holding companies may define or calculate these measures and ratios differently. See the table below for supplemental data and the corresponding reconciliation to GAAP financial measures for the three and nine-month periods ended September 30, 2003 and 2002.

Management reviews yields on certain asset categories and the net interest margin of the Company, and its banking subsidiaries, on a fully taxable-equivalent basis (“FTE”). In this non-GAAP presentation, net interest income is adjusted to reflect tax-exempt interest income on an equivalent before-tax basis. This measure ensures comparability of net interest income arising from both taxable and tax-exempt sources. Net interest income on a taxable-equivalent basis is also used in the calculation of the Company’s efficiency ratio. The efficiency ratio, which is calculated by dividing non-interest expense by total taxable-equivalent net revenue (less securities gains or losses), measures how much it costs to produce one dollar of revenue. Securities gains or losses are excluded from this calculation to better match revenue from daily operations to operational expenses.

Management also evaluates the net interest margin excluding the interest expense associated with the Company’s Long-term Debt — Trust Preferred Securities (“Core Net Interest Margin”). Because these instruments are utilized by the Company primarily as capital instruments, management finds it useful to view the net interest margin excluding this expense and deems it to be a more accurate view of the operational net interest margin of the Company.


		Three Months Ended						Nine Months Ended
		September 30,						September 30,

(Dollars in thousands)		2003			2002			2003			2002

(A) Interest income (GAAP)		$	52,473		$	47,545		$	148,977		$	134,054
	Taxable-equivalent adjustment — Loans		110			174			374			530
	Taxable-equivalent adjustment — Liquidity management assets		46			53			180			97
	Taxable-equivalent adjustment — Other earning assets		12			—			50			—

	Interest income — FTE	$	52,641		$	47,772		$	149,581		$	134,681
(B) Interest expense (GAAP)			20,581			22,130			62,153			62,054

	Net interest income — FTE	$	32,060		$	25,642		$	87,428		$	72,627

(C) Net interest income (GAAP) (A minus B)		$	31,892		$	25,415		$	86,824		$	72,000
	Net interest income — FTE	$	32,060		$	25,642		$	87,428		$	72,627
	Add: Interest expense on long-term debt — trust preferred securities		1,207			1,287			3,290			3,863

	Core net interest income — FTE (1)	$	33,267		$	26,929		$	90,718		$	76,490

(D) Net interest margin (GAAP)			3.30	%		3.23	%		3.18	%		3.39	%
	Net interest margin — FTE		3.32	%		3.26	%		3.20	%		3.42	%
	Core net interest margin — FTE (1)		3.44	%		3.42	%		3.32	%		3.60	%
(E) Efficiency ratio (GAAP)			63.29	%		67.86	%		64.50	%		66.87	%
	Efficiency ratio — FTE		63.08	%		67.49	%		64.23	%		66.51	%

(1)

Core net interest income and core net interest margin are by definition a non-GAAP measure/ratio. The GAAP equivalents are the net interest income and net interest margin determined in accordance with GAAP (lines C and D in the table).


											% Growth			% Growth
											from			from
		September 30,			December 31,			September 30,			December 31,			September 30,
(Dollars in thousands)		2003			2002			2002			2002 (1)			2002

Balance:
Commercial and commercial real estate		$	1,436,123		$	1,320,598		$	1,250,348			11.7	%		14.9	%
Home equity			434,524			365,521			350,422			25.2			24.0
Residential real estate			151,607			156,213			151,193			(3.9	)		0.3
Premium finance receivables			678,267			461,614			470,470			62.8			44.2
Indirect auto loans			166,560			178,234			184,665			(8.8	)		(9.8	)
Tricom finance receivables			26,275			21,048			20,981			33.2			25.2
Other loans			55,787			52,858			55,813			7.4			—

	Total loans, net of unearned income	$	2,949,143		$	2,556,086		$	2,483,892			20.6	%		18.7	%

Mix:
Commercial and commercial real estate			49	%		52	%		50	%
Home equity			15			14			14
Residential real estate			5			6			6
Premium finance receivables			23			18			19
Indirect auto loans			5			7			8
Tricom finance receivables			1			1			1
Other loans			2			2			2

	Total loans, net of unearned income		100	%		100	%		100	%


												% Growth			% Growth
												from			From
			September 30,			December 31,			September 30,			December 31,			September 30,
(Dollars in thousands)			2003			2002			2002			2002 (1)			2002
Balance:
	Non-interest bearing		$	332,538		$	305,540		$	281,204			11.8	%		18.3	%
	NOW			399,797			354,499			360,583			17.1			10.9
	NOW — Brokerage customer deposits			260,430			231,700			179,796			16.6			44.8
	Money market			428,535			399,441			381,593			9.7			12.3
	Savings			159,950			147,669			135,958			11.1			17.6
	Time certificate of deposits			1,947,946			1,650,275			1,632,351			24.1			19.3

		Total deposits	$	3,529,196		$	3,089,124		$	2,971,485			19.0	%		18.8	%

Mix:
	Non-interest bearing			10	%		10	%		9	%
	NOW			11			11			12
	NOW — Brokerage customer deposits			7			8			6
	Money market			12			13			13
	Savings			5			5			5
	Time certificate of deposits			55			53			55

		Total deposits		100	%		100	%		100	%

As part of its strategy for integrating its February 2002 acquisition of the Wayne Hummer Companies, Wintrust sought to attempt to attract funds from the money market mutual fund balances managed by Wayne Hummer Asset Management Company into deposit accounts of the Wintrust affiliate banks. Consistent with reasonable interest rate risk parameters, the funds will generally be invested in loan production of the affiliate banks as well as other investments suitable for banks. As of September 30, 2003, approximately $260.4 million had migrated into insured bank deposits at the affiliate banks. The migration of additional funds to the affiliate banks is subject to the desire of the customers to make the transition of their funds into FDIC insured bank accounts, capital capacity of the Company and the availability of suitable investments in which to deploy the funds.

The following table presents a summary of Wintrust’s average balances, net interest income and related net interest margins, calculated on a fully tax-equivalent basis, for the three-month periods ended September 30, 2003 and 2002:


			For the Three Months Ended								For the Three Months Ended
			September 30, 2003								September 30, 2002

(Dollars in thousands)			Average			Interest		Rate			Average			Interest		Rate

Liquidity management assets (1) (2) (8)			$	723,382		$	6,690		3.67	%	$	611,355		$	5,604		3.64	%
Other earning assets (2) (3)				35,740			343		3.81			56,836			596		4.16
Loans, net of unearned income (2) (4) (8)				3,077,798			45,608		5.88			2,452,239			41,572		6.73

	Total earning assets (8)		$	3,836,920		$	52,641		5.44	%	$	3,120,430		$	47,772		6.07	%

Allowance for loan losses				(22,228	)							(16,776	)
Cash and due from banks				84,083								69,211
Other assets				282,928								219,804

		Total assets	$	4,181,703							$	3,392,669

Interest-bearing deposits			$	3,132,445		$	16,535		2.09	%	$	2,539,544		$	18,449		2.88	%
Federal Home Loan Bank advances				140,000			1,489		4.22			139,900			1,490		4.23
Notes payable and other borrowings				108,259			638		2.34			114,778			904		3.12
Subordinated notes				50,000			712		5.57			—			—		—
Long-term debt — trust preferred securities				76,816			1,207		6.29			51,050			1,287		10.09

	Total interest-bearing liabilities		$	3,507,520		$	20,581		2.33	%	$	2,845,272		$	22,130		3.09	%

Non-interest bearing deposits				330,593								274,325
Other liabilities				85,693								61,891
Equity				257,897								211,181

		Total liabilities and shareholders equity	$	4,181,703							$	3,392,669

Interest rate spread (5) (8)									3.11	%							2.98	%
Net free funds/contribution (6)			$	329,400					0.21		$	275,158					0.28

Net interest income/Net interest margin (8)						$	32,060		3.32	%				$	25,642		3.26	%

Core net interest margin (7) (8)									3.44	%							3.42	%

(1)

Liquidity management assets include available-for-sale securities, interest earning deposits with banks and federal funds sold.

(2)

Interest income on tax-advantaged loans, trading account securities and securities reflects a tax-equivalent adjustment based on a marginal federal corporate tax rate of 35%. The total adjustments for the quarters ended September 30, 2003 and 2002 were $168,000 and $227,000, respectively.

(3)

Other earning assets include brokerage customer receivables and trading account securities.

(4)

Loans, net of unearned income includes mortgages held for sale and non-accrual loans.

(5)

Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.

(6)

Net free funds are the difference between total average earning assets and total average interest-bearing liabilities. The estimated contribution to net interest margin from net free funds is calculated using the rate paid for total interest-bearing liabilities.

(7)

The core net interest margin excludes interest expense associated with Wintrust’s Long-term Debt — Trust Preferred Securities.

(8)

See “Supplemental Financial Measures/Ratios” for additional information on this performance measure/ratio.

Net interest income, which is the difference between interest income and fees on earning assets and interest expense on deposits and borrowings, is the major source of earnings for Wintrust. Tax-equivalent net interest income for the quarter ended September 30, 2003 totaled $32.0 million, an increase of $6.4 million, or 25%, as compared to the $25.6 million recorded in the same quarter of 2002. Average loans in the third quarter of 2003 increased $626 million, or 26%, over the third quarter of 2002.

Net interest margin represents tax-equivalent net interest income as a percentage of the average earning assets during the period. For the third quarter of 2003 the net interest margin was 3.32%, an increase of 6 basis points when compared to the net interest margin of 3.26% in the prior year third quarter, and an 18 basis point increase when compared to the net interest margin of 3.14% in the second quarter of 2003. The core net interest margin, which excludes the interest expense related to Wintrust’s Long-term Debt - Trust Preferred Securities, was 3.44% for the third quarter of 2003 an increase of 2 basis points when compared to the prior year third quarter’s core net interest margin of 3.42%.

The yield on total earning assets for the third quarter of 2003 was 5.44% as compared to 6.07% in 2002, a decrease of 63 basis points resulting primarily from the effect of decreases in general market rates on loans. Average loans comprised approximately 80% of total average earning assets in the third quarter of 2003. The third quarter 2003 yield on loans was 5.88%, an 85 basis point decrease when compared to the prior year third quarter yield of 6.73%.

The rate paid on interest-bearing deposits declined 79 basis points to 2.09% in the third quarter of 2003. This decrease helped improve the net interest rate spread by 13 basis points in the third quarter of 2003 when compared to the third quarter of 2002. The rate paid on interest-bearing deposits declined by 19 basis points when compared to the second quarter of 2003. This was the primary contributor to the Company’s 18 basis point improvement in net interest margin when compared to the second quarter of 2003.

The rate paid on wholesale funding, consisting of Federal Home Loan Bank of Chicago advances, notes payable, subordinated notes and other borrowings, was 3.78% in the third quarter of 2003 compared to 3.73% in the third quarter of 2002. The Company utilizes these borrowing sources to fund the additional capital requirements of the subsidiary banks, manage its capital, manage its interest rate risk position, funding at the Wayne Hummer Companies and for general corporate purposes.

On a year-to-date basis, tax-equivalent net interest income for the period ended September 30, 2003 totaled $87.4 million, an increase of $14.8 million, or 20%, as compared to the $72.6 million recorded in the same period of 2002. The net interest margin was 3.20%, a decrease of 22 basis points when compared to the net interest margin of 3.42% in the prior year period. Year-to-date average loan growth of $619 million, or 27%, helped offset the decline in interest rate spread over the last 12 months.

The following table presents a summary of Wintrust’s average balances, net interest income and related net interest margins, calculated on a fully tax-equivalent basis, for the nine-month periods ended September 30, 2003 and 2002:


			For the Nine Months Ended								For the Nine Months Ended
			September 30, 2003								September 30, 2002

(Dollars in thousands)			Average			Interest		Rate			Average			Interest		Rate

Liquidity management assets (1) (2) (8)			$	731,383		$	19,719		3.60	%	$	517,856		$	15,865		4.10	%
Other earning assets (2) (3)				38,943			1,161		3.99			57,663			1,861		4.31
Loans, net of unearned income (2) (4) (8)				2,881,317			128,701		5.97			2,262,057			116,955		6.91

	Total earning assets (8)		$	3,651,643		$	149,581		5.48	%	$	2,837,576		$	134,681		6.35	%

Allowance for loan losses				(20,685	)							(15,542	)
Cash and due from banks				77,617								54,498
Other assets				266,561								191,657

		Total assets	$	3,975,136							$	3,068,189

Interest-bearing deposits			$	2,993,848		$	50,650		2.26	%	$	2,286,073		$	51,709		3.02	%
Federal Home Loan Bank advances				140,000			4,419		4.22			112,062			3,465		4.13
Notes payable and other borrowings				97,992			2,013		2.75			130,714			3,017		3.09
Subordinated notes				39,103			1,781		6.01			—			—		—
Long-term debt — trust preferred securities				66,275			3,290		6.62			51,050			3,863		10.09

	Total interest-bearing liabilities		$	3,337,218		$	62,153		2.49	%	$	2,579,899		$	62,054		3.22	%

Non-interest bearing deposits				314,071								252,305
Other liabilities				80,141								57,892
Equity				243,706								178,093

		Total liabilities and shareholders equity	$	3,975,136							$	3,068,189

Interest rate spread (5) (8)									2.99	%							3.13	%
Net free funds/contribution (6)			$	314,425					0.21		$	257,677					0.29

Net interest income/Net interest margin (8)						$	87,428		3.20	%				$	72,627		3.42	%

Core net interest margin (7) (8)									3.32	%							3.60	%

(1)

Liquidity management assets include available-for-sale securities, interest earning deposits with banks and federal funds sold.

(2)

Interest income on tax-advantaged loans, trading account securities and securities reflects a tax-equivalent adjustment based on a marginal federal corporate tax rate of 35%. The total adjustments for the six months ended September 30, 2003 and 2002 were $604,000 and $627,000, respectively.

(3)

Other earning assets include brokerage customer receivables and trading account securities.

(4)

Loans, net of unearned income includes mortgages held for sale and non-accrual loans.

(5)

Interest rate spread is the difference between the yield earned on earning assets and the rate paid on interest-bearing liabilities.

(6)

(7)

The core net interest margin excludes interest expense associated with Wintrust’s Long-term Debt — Trust Preferred Securities.

(8)

See “Supplemental Financial Measures/Ratios” for additional information on this performance measure/ratio.

For the third quarter of 2003, non-interest income totaled $18.4 million and increased $2.5 million over the prior year third quarter. The increase in non-interest income is primarily a result of an increase in wealth management fees, fees on mortgage loans sold and gain on sales of premium finance receivables. Non-interest income as a percentage of net revenue decreased to 37% in the third quarter of 2003, down from 39% in the third quarter of 2002. The strong growth in net interest income in the third quarter of 2003 caused this ratio to decline.

The following table presents non-interest income by category for the three months ended September 30, 2003 and 2002:


			Three Months Ended
			September 30,
							$			%
(Dollars in thousands)			2003		2002		Change			Change

Trust and asset management			$	2,030	$	1,619		411			25.4
Brokerage				5,686		5,106		580			11.4

	Total wealth management			7,716		6,725		991			14.7

Fees on mortgage loans sold				4,570		3,794		776			20.4
Service charges on deposit accounts				889		798		91			11.4
Gain on sale of premium finance receivables				1,200		656		544			82.9
Administrative services revenue				1,019		941		78			8.3
Net available-for-sale securities gains				31		196		(165	)		(84.3	)
Other:
	Fees from covered call options			1,279		1,320		(41	)		(3.2	)
	BOLI			492		309		183			59.2
	Miscellaneous			1,247		1,218		29			2.4

	Total Other			3,018		2,847		171			6.0

		Total non-interest income	$	18,443	$	15,957		2,486			15.6

Wealth management fees are comprised of the trust and asset management revenue of Wayne Hummer Trust Company and the asset management fees, brokerage commissions, trading commissions and insurance product commissions at the Wayne Hummer Companies (including the recently acquired Lake Forest Capital Management Company). Wealth management fees totaled $7.7 million in the third quarter of 2003, a $991,000 increase from the $6.7 million recorded in the third quarter of 2002. Additionally, wealth management fees increased $714,000 when compared to the second quarter of 2003, the second consecutive quarter of improvement.

Fees on mortgage loans sold include income from originating and selling residential real estate loans into the secondary market. For the quarter ended September 30, 2003, these fees totaled $4.6 million, an increase of $776,000, or 20%, from the prior year third quarter. Although these fees are a continuous source of revenue, these fees are a result of the continued high level of mortgage origination volume, particularly refinancing activity caused by the low level of mortgage interest rates. Management anticipates that the level of refinancing activity may taper off significantly in the fourth quarter of 2003, barring any further reductions in mortgage interest rates.

Service charges on deposit accounts totaled $889,000 for the third quarter of 2003, an increase of $91,000, or 11%, when compared to the same quarter of 2002. This increase was mainly due to a larger deposit base and a greater number of accounts at the banking subsidiaries. The majority of deposit service charges relates to customary fees on overdrawn accounts and returned items. The level of service charges received is substantially below peer group levels, as management believes in the philosophy of providing high quality service without encumbering that service with numerous activity charges.

As a result of continued strong loan originations of premium finance receivables, Wintrust sold excess premium finance receivables volume to an unrelated third party financial institution in the third quarter of 2003 and recognized gains of $1.2 million related to this activity, compared with $656,000 of recognized gains in the third quarter of 2002. Wintrust has a philosophy of maintaining its average loan-to-deposit ratio in the range of 85-90%. During the third

quarter of 2003, the ratio was approximately 89%. Consistent with Wintrust’s strategy to be asset-driven and the desire to maintain our loan-to-deposit ratio in the aforementioned range, it is probable that similar sales of premium finance receivables will occur in the future.

The administrative services revenue contributed by Tricom added $1.0 million to total non-interest income in the third quarter of 2003, an increase of $78,000 from the third quarter of 2002. This revenue comprises income from administrative services, such as data processing of payrolls, billing and cash management services, to temporary staffing service clients located throughout the United States. The revenue increase over the third quarter of 2002 is primarily attributable to the acquisition of a competitor’s customer base in early January 2003 offset somewhat by lower fee yields due to competitive pressures in the industry. Tricom also earns interest and fee income from providing short-term accounts receivable financing to this same client base, which is included in the net interest income category.

Premium income from certain covered call option transactions totaled $1.3 million in the third quarter of 2003 compared to $1.3 million in the same period of 2002. Management is able to effectively use the proceeds from selling covered call options to offset net interest margin compression and administers such sales in a coordinated process with the Company’s overall asset/liability management.

For the first nine months of 2003, total non-interest income was $55.3 million and increased $12.8 million, or 30%, when compared to the same period in 2002. The higher level of non-interest income was comprised of increases in fees on mortgage loans sold from originating and selling residential real estate loans into the secondary market of $6.0 million, wealth management fees of $1.9 million, recognized gains related to the sale of premium finance receivables to an unrelated third party of $1.2 million, increases in premium income from certain covered call option transactions of $2.4 million, administrative services revenue contributed by Tricom of $484,000, net securities gains of $594,000 and service charges on deposit accounts of $322,000 due to a higher deposit base and a larger number of accounts at the banking subsidiaries. Other non-interest income was impacted by increases in the cash surrender value of BOLI of $1.2 million offset by $1.25 million for a partial settlement related to a non-recurring charge recorded in 2000 that was collected in the first quarter of 2002. During the third quarter of 2002, the Company purchased $41.1 million of BOLI. The BOLI policies were purchased to consolidate existing term life insurance contracts of executive officers and to mitigate the mortality risk associated with death benefits provided for in the executives’ employment contracts. Adjustments to the cash surrender value of the BOLI policies are recorded as non-interest income.

The following table presents non-interest income by category for the nine months ended September 30, 2003 and 2002:


			Nine Months Ended
			September 30,
							$			%
(Dollars in thousands)			2003		2002		Change			Change

Trust and asset management			$	5,461		4,807		654			13.6
Brokerage				15,208		13,919		1,289			9.3

	Total wealth management			20,669		18,726		1,943			10.4

Fees on mortgage loans sold				13,712		7,745		5,967			77.0
Service charges on deposit accounts				2,611		2,289		322			14.1
Gain on sale of premium finance receivables				3,470		2,250		1,220			54.2
Administrative services revenue				3,178		2,694		484			18.0
Net available-for-sale securities gains				637		43		594			N/M
Other:
	Fees from covered call options			6,058		3,678		2,380			64.7
	BOLI			1,461		309		1,152			372.8
	Partial recovery of premium finance defalcation			—		1,250		(1,250	)		N/M
	Miscellaneous			3,495		3,496		(1	)		—

	Total Other			11,014		8,733		2,281			26.1

		Total non-interest income	$	55,291	$	42,480		12,811			30.2

Non-interest expense for the third quarter of 2003 totaled $31.8 million and increased $3.9 million, or 14%, from the third quarter 2002 total of $27.9 million. The increase in non-interest expense, particularly salaries and employee benefits, over the third quarter of 2002, reflects the continued growth and expansion of the banks with additional branches, the growth in the premium finance business, the addition of Lake Forest Capital Management in the first quarter of 2003 and the expansion of the Wayne Hummer Companies.

The following table presents non-interest expense by category for the three months ended September 30, 2003 and 2003:


			Three Months Ended
			September 30,
							$			%
(Dollars in thousands)			2003		2002		Change			Change

Salaries and employee benefits			$	19,958	$	16,863		3,095			18.4
Equipment				1,969		1,760		209			11.9
Occupancy, net				1,841		1,700		141			8.3
Data processing				1,114		1,073		41			3.8
Advertising and marketing				602		596		6			1.0
Professional fees				861		737		124			16.8
Amortization of other intangibles				150		120		30			25.0
Other:
	Commissions — 3rd party brokers			571		564		7			1.2
	Loan expenses			681		656		25			3.8
	Postage			562		585		(23	)		(3.9	)
	Miscellaneous			3,530		3,290		240			7.3

	Total Other			5,344		5,095		249			4.9

		Total non-interest expense	$	31,839	$	27,944		3,895			13.9

Salaries and employee benefits totaled $20.0 million for the third quarter of 2003, an increase of $3.1 million, or 18%, as compared to the prior year’s third quarter total of $16.9 million. This increase was primarily due to increases in salaries and employee benefit costs as a result of continued growth and expansion of the banking franchise, commissions associated with increased mortgage loan origination activity, normal annual increases in salaries and the employee benefit costs and to the salary and benefit costs of Lake Forest Capital Management Company.

The remaining categories of non-interest expense, such as occupancy costs, equipment expense, professional fees and other increased by $800,000 over the prior year third quarter. The increases in equipment and occupancy expenses are due primarily to the general growth and expansion of the banks and the acquisition of Lake Forest Capital Management Company. Professional fees reflect the additional audit and legal costs associated with a larger organization and Sarbanes-Oxley and Gramm-Leach-Bliley Act compliance while miscellaneous expense was impacted by the increased cost of insurance coverage due to market rate increases, the growth of the Company and the renewal of certain policies as a result of the completion of three year policy terms at the end of 2002.

On a year-to-date basis non-interest expense totaled $91.3 million and increased $14.7 million, or 19%, over the first nine months of 2002. Wintrust’s net overhead ratio improved from 1.48% for the first nine months of 2002 to 1.21% for the comparable period in 2003.

The following table presents non-interest expense by category for the nine months ended September 30, 2003 and 2003:


			Nine Months Ended
			September 30,
							$			%
(Dollars in thousands)			2003		2002		Change			Change

Salaries and employee benefits			$	55,673	$	45,625		10,048			22.0
Equipment				5,727		5,286		441			8.3
Occupancy, net				5,626		4,853		773			15.9
Data processing				3,193		3,129		64			2.0
Advertising and marketing				1,645		1,653		(8	)		(0.5	)
Professional fees				2,565		2,033		532			26.2
Amortization of other intangibles				448		237		211			89.0
Other:
	Commissions — 3rd party brokers			2,224		1,716		508			29.6
	Loan expenses			2,040		1,136		904			79.6
	Postage			1,711		1,552		159			10.2
	Miscellaneous			10,407		9,309		1,098			11.8

	Total Other			16,382		13,713		2,669			19.5

		Total non-interest expense	$	91,259	$	76,529		14,730			19.2

The increase is predominantly due to a $10.0 million increase in salaries and employee benefits costs and the higher general operating costs associated with operating additional and larger banking offices. The remainder of the increase, or $4.7 million, is due to a variety of factors. The year-to-date increases in equipment and occupancy expenses and professional fees are consistent with the increases described earlier for the third quarter of 2003. Commissions paid to third party brokers represent the commissions paid on higher levels of revenue generated by Focused Investments through its network of unaffiliated banks. Loan expenses reflect the higher volume of residential and commercial loans processed in 2003. The increase in amortization of other intangibles is a result of higher levels of amortizable customer list intangibles attributable to the acquisition of Lake Forest Capital Management Company.

Allowance for Loan Losses
A reconciliation of the activity in the balance of the allowance for loan losses for the three and nine months ended September 30, 2003 and 2002 is shown as follows:


			Three Months Ended						Nine Months Ended
			September 30,						September 30,

(Dollars in thousands)			2003			2002			2003			2002

Balance at beginning of period			$	21,310		$	16,009		$	18,390		$	13,686
Provision for loan losses				2,909			2,504			8,402			7,335
Charge-offs:
	Commercial and commercial real estate loans			623			379			1,434			782
	Home equity loans			159			—			159			—
	Residential real estate loans			—			3			—			3
	Consumer and other loans			22			24			152			172
	Premium finance receivables			652			1,034			2,142			2,878
	Indirect automobile loans			227			165			757			640
	Tricom finance receivables			—			1			—			10

		Total charge-offs		1,683			1,606			4,644			4,485

Recoveries:
	Commercial and commercial real estate loans			75			144			213			279
	Home equity loans			—			—			—			—
	Residential real estate loans			—			—			13			—
	Consumer and other loans			8			3			32			15
	Premium finance receivables			73			111			198			240
	Indirect automobile loans			68			33			152			103
	Tricom finance receivables			—			1			4			26

		Total recoveries		224			292			612			663

Net charge-offs				(1,459	)		(1,314	)		(4,032	)		(3,822	)

Balance at September 30			$	22,760		$	17,199		$	22,760		$	17,199

Annualized net charge-offs (recoveries) as a percentage of average:
	Commercial and commercial real estate loans			0.15	%		0.08	%		0.12	%		0.06	%
	Home equity loans			0.15			—			0.05			—
	Residential real estate loans			—			0.01			(0.01	)		—
	Consumer and other loans			0.10			0.14			0.28			0.34
	Premium finance receivables			0.34			0.75			0.43			0.79
	Indirect automobile loans			0.38			0.28			0.48			0.39
	Tricom finance receivables			—			—			(0.02	)		(0.11	)

		Total loans, net of unearned income		0.19	%		0.21	%		0.19	%		0.23	%

Net charge-offs as a percentage of the provision for loan losses				50.15	%		52.48	%		47.99	%		52.11	%

Loans at September 30									$	2,949,143		$	2,483,892

Allowance as a percentage of loans at period-end										0.77	%		0.69	%

Past Due Loans and Non-performing Assets
The following table sets forth Wintrust’s non-performing assets at the dates indicated. The information in the table should be read in conjunction with the detailed discussion following the table.


				September 30,			June 30,			December 31,			September 30,
(Dollars in thousands)				2003			2003			2002			2002

Past Due greater than 90 days and still accruing:
	Residential real estate and home equity			$	80		$	61		$	32		$	306
	Commercial, consumer and other				981			2,829			3,047			2,247
	Premium finance receivables				3,210			2,673			2,198			2,170
	Indirect automobile loans				294			324			423			384
	Tricom finance receivables				—			—			—			—

		Total past due greater than 90 days and still accruing			4,565			5,887			5,700			5,107

Non-accrual loans:
	Residential real estate and home equity				40			415			711			346
	Commercial, consumer and other				3,190			2,543			1,132			1,430
	Premium finance receivables				6,306			4,575			4,725			4,731
	Indirect automobile loans				89			196			254			409
	Tricom finance receivables				6			8			20			75

		Total non-accrual			9,631			7,737			6,842			6,991

Total non-performing loans:
	Residential real estate and home equity				120			476			743			652
	Commercial, consumer and other				4,171			5,372			4,179			3,677
	Premium finance receivables				9,516			7,248			6,923			6,901
	Indirect automobile loans				383			520			677			793
	Tricom finance receivables				6			8			20			75

		Total non-performing loans			14,196			13,624			12,542			12,098

Other real estate owned					501			921			76			353

Total non-performing assets				$	14,697		$	14,545		$	12,618		$	12,451

Total non-performing loans by category as a percent of its own respective category:
		Residential real estate and home equity			0.02	%		0.09	%		0.14	%		0.13	%
		Commercial, consumer and other			0.28			0.35			0.30			0.28
		Premium finance receivables			1.40			1.16			1.50			1.47
		Indirect automobile loans			0.23			0.31			0.38			0.43
		Tricom finance receivables			0.02			0.03			0.10			0.36

			Total non-performing loans		0.48	%		0.47	%		0.49	%		0.49	%

Total non-performing assets as a percentage of total assets					0.34	%		0.35	%		0.34	%		0.35	%

Allowance for loan losses as a percentage of non-performing loans					160.33	%		156.42	%		146.63	%		142.16	%

The provision for loan losses totaled $2.9 million for the third quarter of 2003, an increase of $405,000 from a year earlier. For the quarter ended September 30, 2003 net charge-offs totaled $1.5 million, up from the $1.3 million of net charge-offs recorded in the same period of 2002. On a ratio basis, annualized net charge-offs as a percentage of average loans decreased to 0.19% in the third quarter of 2003 from 0.21% in the same period in 2002.

On a year-to-date basis the provision for loan losses totaled $8.4 million for the first nine months of 2003, an increase of $1.1 million over the same period last year. Net charge-offs for the first nine months of 2003 were $4.0 million, up from the $3.8 million of net charge-offs recorded in the same period last year. On a ratio basis, annualized net charge-offs as a percentage of average loans decreased to 0.19% for the first nine months of 2003 from 0.23% in the first nine months of 2002.

Management believes the allowance for loan losses is adequate to provide for inherent losses in the portfolio. There can be no assurances however, that future losses will not exceed the amounts provided for, thereby affecting future results of operations. The amount of future additions to the allowance for loan losses will be dependent upon management’s assessment of the adequacy of the allowance based on its evaluation of economic conditions, changes in real estate values, interest rates, the regulatory environment, the level of past-due and non-performing loans, and other factors.

Total non-performing loans for Wintrust’s residential real estate, commercial, consumer and other loans were $4.3 million compared to the $5.8 million reported at June 30, 2003 and $4.9 million reported at December 31, 2002. These loans consist primarily of a small number of commercial, residential real estate and home equity loans, which management believes are well secured and in the process of collection. The small number of such non-performing loans allows management to monitor the status of these credits and work with the borrowers to resolve these problems effectively.

The table below presents the level of non-performing premium finance receivables as of September 30, 2003 and 2002, and the amount of net charge-offs for the nine months then ended.

The level of non-performing premium finance receivables as a percent of total premium finance receivables is down slightly from the prior year-end level but up compared to the level reported at June 30, 2003. As noted below, fluctuations in this category may occur due to timing and nature of account collections from insurance carriers. Management is comfortable with administering the collections at this level of non-performing premium finance receivables and expects that such ratios to remain at relatively low levels.

The ratio of non-performing premium finance receivables fluctuates throughout the year due to the nature and timing of canceled account collections from insurance carriers. Due to the nature of collateral for premium finance receivables it customarily takes 60-150 days to convert the collateral into cash collections. Accordingly, the level of non-performing premium finance receivables is not necessarily indicative of the loss inherent in the portfolio. In the event of default, Wintrust has the power to cancel the insurance policy and collect the unearned portion of the premium from the insurance carrier. In the event of cancellation, the cash returned in payment of the unearned premium by the insurer should

generally be sufficient to cover the receivable balance, the interest and other charges due. Due to notification requirements and processing time by most insurance carriers, many receivables will become delinquent beyond 90 days while the insurer is processing the return of the unearned premium. Management continues to accrue interest until maturity as the unearned premium is ordinarily sufficient to pay-off the outstanding balance and contractual interest due.

Total non-performing indirect automobile loans were $383,000 at September 30, 2003, compared to $677,000 at December 31, 2002 and $793,000 at September 30, 2002. The ratio of these non-performing loans to total indirect automobile loans was 0.23% at September 30, 2003 compared to 0.38% at December 31, 2002 and 0.43% at September 30, 2002. As noted in the Allowance for Loan Losses table, net charge-offs as a percent of total indirect automobile loans were 0.48% in the first nine months of 2003 compared to 0.39% in the same period in 2002. The level of non-performing and net charge-offs of indirect automobile loans continues to be below standard industry ratios for this type of lending. Due to the impact of the current economic and competitive environment surrounding this type of lending, management continues to de-emphasize, in relation to other loan categories, growth in the indirect automobile loan portfolio. Indirect automobile loans at September 30, 2003 were $167 million, down from $178 million at December 31, 2002 and $185 million at September 30, 2002.

This press release contains forward-looking statements related to Wintrust’s financial performance that are based on estimates. Wintrust intends such forward-looking statements to be covered by the safe harbor provision for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and is including this statement for purposes of invoking these safe harbor provisions. Actual results could differ materially from those addressed in the forward-looking statements due to factors such as changes in economic conditions, competition, or other factors that may influence the anticipated growth rate of loans and deposits, the quality of the loan portfolio and loan and deposit pricing, unanticipated changes in interest rates that negatively impact net interest income, future events that may cause unforeseen loan or lease losses, slower than anticipated development and growth of Tricom and the trust and investment business, unanticipated changes in the temporary staffing industry, the ability to adapt successfully to technological changes to compete effectively in the marketplace, competition and the related pricing of brokerage and asset management products, unforeseen difficulties in integrating the acquisition of Advantage National Bancorp, Inc. with Wintrust, unforeseen difficulties or unanticipated developments related to the pending acquisition of Village Bancorp, Inc., the ability to pursue acquisition and expansion strategies and the ability to attract and retain experienced senior management. Therefore, there can be no assurances that future actual results will correspond to these forward-looking statements.


FOR IMMEDIATE RELEASE		October 16, 2003