Wintrust Financial Corporation (NASDAQ:WTFC) Q1 2020 Earnings Conference Call - Final Transcript

Apr 22, 2020 • 11:00 am ET


Wintrust Financial Corporation (NASDAQ:WTFC) Q1 2020 Earnings Conference Call - Final Transcript


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Welcome to Wintrust Financial Corporation's First Quarter 2020 Earnings Conference Call. Following a review of the results by Edward Wehmer, Founder and Chief Executive Officer, and David Dykstra, Vice Chairman and Chief Operating Officer, there will be a formal question-and-answer session.

During the course of today's call, Wintrust management may make statements that constitute projections, expectations, beliefs or similar forward-looking statements. Actual results could differ materially from the results anticipated or projected in any such forward-looking statements.

The company's forward-looking assumptions that could cause actual results to differ materially from the information discussed during the call are detailed in our earnings press release and in the company's most recent Form 10-K and any subsequent filings on file with the SEC.

Also, our remarks may reference certain non-GAAP financial measures. Our earnings press release and slide presentation include a reconciliation of each non-GAAP financial measure to the nearest comparable GAAP financial measure.

[Operator Instructions]

I would now like to turn the conference call over to Mr. Edward Wehmer.

Edward Joseph Wehmer

Thank you. Welcome, everybody, to our first quarter earnings call. Hope you are all isolated and well. With me, obviously, Dave Dykstra; Tim Crane, our new Wintrust President; Rich Murphy, Vice Chair and Senior Lending Officer; Kate Boege, our General Counsel, and David Stoehr, our Chief Financial Officer.

Kate Boege is very worried because we're all in different places and her shock collar doesn't come that far on me. So, Kate, I will behave, I promise.

As you can see, we do have some additional Wintrust execs on the call. I think it's important to get to know them better and I think there'll be a lot of questions arising just because of the times and what's going on. So, I thought it better to have more reinforcements around.

The format will be, for the most part, as usual. However, we're going to try not to parrot what's already in the release to leave more time for the questions. As I said, I'm sure you'll have a number of them.

I'm going to give some general comments regarding our results. Dave Dykstra will provide a more detailed analysis of other income, other expenses and taxes. Back to me for summary and comments and thoughts about the future, and we'll have time for questions.

Before I get into the details, I'd like to do a heartfelt shoutout to what I believe is the absolute best crew in the banking business. Case in point -- a couple of cases in point. Our crew has moved seamlessly to remote locations. Also being able to grow the bank and take care of our clients. It's worked extremely well. Our technology crew has done a wonderful job.

Also, in seven days, we stood up for a front-end portal for PPP from scratch. We opened the portal -- one of the only ones open on the evening of April 3, first day available, and it actually worked flawlessly.

The two weeks thereafter, with our working from remote locations and processed