Wintrust Financial Corporation (NASDAQ:WTFC) Q2 2023 Earnings Call Transcript

Nathan Race: All right. So that sort of extend that guidance range into 2024, but you feel pretty good about kind of maintaining that level even beyond into next year?

Timothy Crane: Well, it depends. I mean, everybody’s used different. If you take the higher for longer, than I think that bodes well for us. If you look at the curve and rates drop precipitously, then we probably would have pressure on our margin, but that’s why we have these hedges in places to help mitigate some of that impact.

Nathan Race: That’s helpful. Just to see where you lean into that. Just the last one would be just checking in on wealth management. I think the acquisition sort of juiced that number a bit. But looking forward to the outlook, would you expect that growth to level off, linked quarter was strong, but maybe acquisition driven the outlook?

David Alan Dykstra: That was acquisition-driven. So we would expect to continue to grow it. But it would just be slow, steady growth. And some of that is obviously dependent on the market because you earn your fees based on the underlying asset value. So if the market continues to rally, then that would be beneficial for us, so.

Nathan Race: Okay. Thank you.

Timothy Crane: Elizabeth, we can do one more if you want.

Operator: We have a question from the line of Brody Preston with UBS.

Brody Preston: Hey guys. Sorry about that. I just wanted to clarify something on the co-working space. Is that like a wework? I just wanted to make sure I totally understood what the property was.

Richard Murphy: Yes, kind of we work light. It’s just where I think there was a move for a while there where people thought they could get a significantly higher lease rate by going short-term on their leases that works when the market is hot, but doesn’t feel like it’s cold.

Timothy Crane: Yes, you had a race already. Yes, go ahead.

Brody Preston: Great. Thank you very much, guys. I appreciate it.

Operator: That concludes today’s question-and-answer session. I’d like to turn the call back to Tim Crane for closing remarks.

Timothy Crane: Thanks, Elizabeth, and for everybody still on the phone, thank you for your interest and support. I think you can tell we remain optimistic about our position and the opportunities we’re seeing in the market. If you perchance didn’t get your question answered, please feel free to call any of us, and as we’ve always said, we’ll work hard. Thanks very much.

Operator: This concludes today’s conference call. Thank you for participating. You may now disconnect.