WSFS - Earnings call transcript Q2 2019 | WSFS Financial Corporation

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Operator

Good day, ladies and gentlemen, and welcome to the WSFS Financial Corporation Second Quarter 2019 Earnings Conference Call. At this time, all participants are in listen-only mode. Later, we will conduct a question-and-answer session instructions will follow at that time [Operator Instructions]. And as a reminder, this conference call is being recorded.

I would now like to introduce your host for today's conference, Mr. Officer. Financial Chief Canuso, Dominic Sir, you begin. may

Dominic Canuso

President Thank taking Officer. the Amanda With Steve on Rodger Clark, and Wealth Banking Bacci, our Wright, thanks for you me Chief Levenson, are call and of Chief all this CEO; time Officer; today. Art Chief to call you, and Officer; to Rick Commercial on participate Banking Retail

Safe his Before would our I with read remarks, Harbor Rodger begins to like statement.

future our discussion and expectations, today our will view Our statements. plans, about that management's forward-looking information constitute prospects of include

XX-Q Actual or periodically the All subject documents as results and uncertainties forward-looking to our historical XX-K as call in during Harbor most may including differ materially Report factors well and risk those statement. file Exchange Commission. the statements from recent we results Annual Securities comments and made risks to the these indicated Form our by Safe are today's limited Form included but not other on to quarterly with on reports due

With I'll Levenson. over discussion that to turn read, Rodger the

Rodger Levenson

and thank you In on solid us and tangible today. operating posted call quarter acquisition, of core Dominic, first with return per share Beneficial XX.XX%. core for earnings $X.XX, ROA everyone performance of full the the the our on since core joining we of core closing to of Thanks, X.XX%, common equity

and GAAP earnings to results have website. an impacted a additional key timing our our outlook. of to the of includes on year provided on supplement posted are update Xs, metrics, the for XXXX quarter financial by details year-over-year full comparisons we linked core performance, supplement operating As and Beneficial closing which reconciliation an The March our on release is

of of Our $XX.X costs. total included results impact credit the million

month two our in the non-performing WSFS existing events June to impairment analysis. loans legacy credit As impacting primary related occurred updated X-K, where of during episodic of our previously C&I the costs driver detailed released

quarter the exposure million is manageable. were -- in Overall, the in metrics our occurred net where two attributable industries loans. credit of charge-offs the our to those these specific recorded and and the Approximately $XX.X modest XX% losses to stable remain

the have we for cost to noted updated $XX As our full materials, million. year million $XX in outlook to credit supplemental

quarter, the our purchased of stock. during XXX,XXX Also shares we

of With the operating levels, the XXXX we strong completion of a buybacks the full the and second increased capital excess continued half Beneficial in of stronger-than-anticipated updated results This quarter liquidity combination. have includes year, the capital from levels, plan. and capital utilizing our

prices amount continue X.X repurchase to of intend be higher of our the to of or previously to We Board-approved our remaining shares. at just up buyers share million current under stock program authorization

the combination of to August moving XX for of opportunities planning XX. of our forward long-term weekend In and us our looking conversion successful performance, addition forward brand final a the major entire are Teams to integration, the to The integration. position implementation to and for milestone from from the significant realization operating we and worked with of looking company have diligently execution business Beneficial. to throughout the integration is systems and company the Beneficial

quarter a including half with costs, X.XX% credit first and full In solid achieve of summary, even posted year ROA. the positioned a well elevated we goals remain XXXX our to and

commentary turn on performance year to Now, I for Dominic it will full outlook. additional over and our financial

Dominic Canuso

with made performance overall profit meaningful our the expectation strength our operating Core In business across Beneficial. the combined Thanks, of in post meaningful of full model in everyone. our good the first quarter operating we afternoon transition and Rodger, momentum and towards and our progress the quarter demonstrated long-term progress combined for results, combination continued organization.

cost, of originally and corporate million This consistent quarter, our development we with modeled restructuring $XX.X recorded expectations.

excluded these are core As results. from our reminder, costs a

$XXX transaction recognized and with over additional we the the the branches our of This outline or transaction. so. on day next with million year the in will The Princeton executing of at to began plan X.XX%. premium five XX one be optimization branch with a of deposits the accounting of in May, customer In branches sale Bank conversion conjunction weekend remaining premium the was consolidated five during

sale, increased the decreasing annualized million expectations $XX or and quarter Excluding X% customer we year of deliver on flat-to-slightly for expect to deposits growth. the full

C&I our returning towards are migration C&I the we acquisition. and balance portfolio addition, the XX% In close making mix the loans prior the to above toward relationship-based, XX% progress of higher-yielding sheet at additional transaction from mix on

Beneficial. full billion student Notably purpose also and combined minus for acquired runoff refis growth. of with $XX almost lands quarter, interest million runoff additional our loan resulting residential coinciding -- combined growth Beneficial, this X% auto rate $X.XX This payoff or runoff higher investments, in comprised in the year in expected C&I grew CRE our from in plus loan with from full portfolio current environment, mortgages, held loans, or all with non-strategic X% million annualized, additional along in acquired from the our of $XX of portfolio,

-- excluding was NIM modeled of And was slightly purchased first of NIM our robust -- range XX quarter interest expectation, quarter when a the incremental accretion, for payoff accretion Beneficial outlined X.XX%. a originally points healthy was on above margin resulting basis accounting earnings net call. X.XX%. all the from very above loan When the

improvement basis, increase successful loan the comparative stronger basis XX low and sheet balance forma quarter, year-over-year deposit resulting this basis prior was over pro point from and yields a optimization, X resilient a both betas. a point On

points approximately to half from anticipate we XX X.XX% the in Beneficial. of basis For of second accounting interest margin be modeled net accretion to XXXX, purchase the of originally including range X.XX%

in point basis negatively affecting XX decrease by second a range quarter range by This prime year-end the XX both and basis includes points. LIBOR

the website. materials Additional margin detail interest on our net and actual anticipated are in on posted supplemental

Connect. businesses increased income banking traditional and year-over-year and major fee with with in all diversified growth organic growth across banking Core notable XX% mortgage wealth X% including Cash

in features as part second slow year. the should somewhat integration strategy. as the align the ratio for in maintain to core The second the XX.X% of XX% across half XX% is pricing products year the for rate to half range the The anticipated fee income the of our of of growth and quarter we

Rodger year's healthy of loan continue leading consistent loans our we full see credit see around half the such original total outlook. the and indicators the points in second and portfolio As of cost mentioned, positive to basis as to XX be with year

year ratio quarter we forma the the of cost $XX year strong to XX% expense synergies The demonstrating consistent around for a of ahead synergies are pro for expectations the of revenues to the net full with calendar one by with pace cost Non-interest of expected efficiency first is our and efficiency deliver core quarter XX.X% that million result pace is XXXX. ratio XX% delivered be year on XX%. to which on combined deliver XXXX

year by While favorably our range compensation to full the rate in effective original effective to outlook. activity higher for tax tax of impacted our the second continues XX% consistent rate with quarter the stock-based the in XX.X% XX% was expectations the be

to noisy full of business both on another the While and quarter X.XX%. Rodger's with core a we consistent the with expectedly track ROA remain comments, are of and the deliver trajectory results year pleased

have may We questions happy you are answer this at any to time.

Operator

Stephens. Austin the Nicholas Instructions] of [Operator of first question Our line comes from

Austin Nicholas

the NIM of NIM we basis call maybe point to you afternoon. X.XX% from it the to I supplement. the in year? walk Hey, quarter could reported half the updated XX in -- appreciate back the guys, through down step core I this get the maybe kind the good down that guidance of guess X.XX%

at? about should just trajectory then the think year on the help some where we in that maybe how And maybe terms of we're exiting of

Dominic Canuso

Austin. of we XX mentioned negatively points. the Sure. Thank year the by to do the basis Yes, in our you, half just impact now conversation rate as we second for rates anticipate environment our that

additional addition, as product In some align pricing customer across we deposit combined we our anticipate do base. our costs

in the primarily X.XX% those being So the range. half in second year are or two at that of drivers it's that resulting

Austin Nicholas

Okay. comments if And anticipate on step trying the third just I you maybe and guess, would the if you, fourth understand -- the of you pressure cadence could down that? to versus the make any more in would

Dominic Canuso

And at XX then end the decrease in decrease September is point next some the environment XX XX another and in meeting basis Fed clarification. in points basis The the as… Sure. expected with basis of the July of add just point rate month

Austin Nicholas

Okay.

Dominic Canuso

expectations anticipate because … would they But all is quarter there of market with in obviously that to consistent with further be that you expectations. subject some additional down that the would the -- quarter. and third data fourth step in step-down

Austin Nicholas

million confirm the number income million fee then That's I using can really the from guide, it when helpful. that we $XXX the Okay. think guidance something then that XXXX the about and call core think the is just number maybe XXXX range guide on And fee income which is backing we're on $XX Beneficial well year fee million the $XX is in way into that out to full income? that amounting about to the the for

Dominic Canuso

is. It

So we based. when are more to growth income be the organic from growth we talk about normalizing the for Beneficial fee

Austin Nicholas

And I run how quarter? the the specifically highlighted, in commentary think rate fourth just That's on should the any Okay. expenses but then, guide that maybe I guess, helpful. appreciate efficiency third about you've we on and

Dominic Canuso

Sure.

growth conversion offset in savings And view line. continued the by allows think from and term. have post full normal again quarter the we the third of I a efforts, would Those and revenue quarter quarter in longer fee do but clearly We benefits quarter the that over in will us offset current here only business would month that in the first then to post fourth to of the somewhat in combination by expect that investment full particular be is. begin clear a benefit. a base with in investment combination integration seeing the but anticipate obviously the business be one what post strategies compound

Austin Nicholas

there that little helpful. That's deep moved or credit provide? help you million describing that just last was speak and one it's if that maybe about credit we -- thought just there's could non-performer I what commentary quarter. you or the of And you the kind on maybe any credit industry to to bit that type one. so give Could the was maybe of And a bank maybe then $XX could Okay. this relationship on credit? that any

Rodger Levenson

Sure, Austin. It's Rodger.

locally space. it a as outpatient group in the describe It's We care a health C&I of generally hospitals. specialty it's So based credit. broadly

Austin Nicholas

it. Got

Okay, great. Appreciate the guys. question,

Rodger Levenson

you, Thank Austin.

Operator

KBW. of question Perito of next from line our And you. Michael Thank the comes

line is open. Your

Michael Perito

afternoon, good gentlemen. for my question. Hey, taking Thanks

Dominic Canuso

Michael. Hey

Michael Perito

I some just other any content from details it's more if wondering specifics loss could well helpful? want case materialize Obviously, the you maybe I year, the that updated that guidance the don't quarter on seemed cost it the for just assume to and credit to expect question. secure would the that. there in any why as you credit or was to whether last to that's just or migrated but real fair provided you provide follow-up collateralized be

Rodger Levenson

Yeah.

Rodger at it's We and the have So normal collateral reserved point. sort of evaluates obviously analysis this our we through which situation again. appropriately that went where feel we impairment it stands the

Michael Perito

it. Got

aligning are Thank supplement. comment a both Helpful. exactly fee there. specifics in the legacy the that the was just I about WSFS made and I the also legacy back question, wondering the a put side in question. circle towards about on maybe could guess about side. WSFS? kind I guess, what kind Beneficial provide the you in deposit pricing income more of I fee you. slide that Really bit just deposit little deck provide the aligning and that Dominic Could outlook to want are and you with the you your a updated a of Beneficial comments little comment pricing on specific fee follow guys Okay. fee to drivers couple if I didn't broader on you more

Dominic Canuso

Sure. Good question.

the customers. there's major combining say, on and two base Beneficial really So our would products impacts customer I across

The associated and there entire upwards first and offerings some pricing. consolidation no pricing promotional kind support is in the our be near-term, to downwards across transition. will on look longer as be of we some that products deposit the on products footprint of offered there In that the deposit would result a are our through be there'll but migration grandfather,

product align we those aligning will and generated have the the posting a our On those step fees it overdrafts evaluated primarily some on the we order one-time down on fee from in kind products products. as side, the income the of of result products

Michael Perito

your of of gains in million correct? the expect you commentary $XX still on Got here, to on like comment core but year off you to figure XX% it. income, out XX% I some mean mean, I those is But back to fair in the based half mean, say, non-interest think if I of did of revenue your I that back the based quarter grow that we guys second it of

Dominic Canuso

Yeah. do. We

Michael Perito

big you point supplement was curious, kind Okay. than thoughts I comment move the wondering, the what what that – now when the you guys was know if you ago? greater the also to cost have ask can noticed deal in and environment willing for the also provide necessarily of announced know were almost about you XXX that just future But I environment and that rate any front that I of a know, you everything basis a the you you dramatically, it's the we year announced on year. after else in now deal – on and and based kind I updated where I maintain savings you the didn't of in but clarity kind of was over with rate provided but profitability has that the further earnings obviously ROA XXX wondering, changed

Rodger Levenson

you're Michael, assume XXX we referred this Rodger. referring XXXX So for that to to going the forward? is I had

Michael Perito

yeah. Correct,

Rodger Levenson

Yeah.

So with and through everything is shortly starting obviously on We thought. it's sheet would started obviously ways considering learned But, a plans. think still achievable then, but that we've obviously XXXX updating we that, a you very to time spending of we here out and midyear that develop on us upon we've and had highlight sight line we're as since of be it's executing, have bit lot into a work our normal gone our a revenue our balance that on I from think We smaller side we'll than the it. more we plan. to particularly know that obviously into as we We're XXXX. contingent away still originally look have little

Michael Perito

area Helpful, then just relative far? marketing you the just trying of I Rodger. reception the in was in is just started the the one, marketing feel around kind we thus as And to And has transaction, brand some comments it been around I WSFS create notice Thank one curious you do in to increased back, approach and last and awareness what how step some meant which general and Philadelphia? your you. about for about put that expectations, the conversion to has cost the good and brand I'll and

Rodger Levenson

the and in expectations market this point noticing the I Thanks I that. that of the in been this extremely for I will really radio third that straight buzz conversion high Yeah. and advertisements and will the reception increased think the some brand only halfway campaign And print, leading through has would marketplace, of is and the kick terms say into up through at few go weeks that would positive, and our we're conversion in quarter. television, and in next the that exceeded highlight to really some gear into well kind with

brand So, campaign. with so the very are far pleased we very,

Michael Perito

Perfect. guys, Thank appreciate you, questions. all taking it. I for my

Rodger Levenson

Hey, thanks.

Operator

Russell of the our Gunther next comes D.A. And line of from you. Thank question Davidson.

open. is line Your

Russell Gunther

afternoon, guys. Good Hi.

Rodger Levenson

Hey, Russell.

Russell Gunther

us get your around to of steady an Just expect? bulk the portfolios? can identified runoff to perhaps are if you with we like I a in Is expectations cliff if of could wanted that a loan Is a appetite share on what for sense this thoughts could? those your there get type sale? pace I

Dominic Canuso

Dominic. doing? It's How Russell. Sure, you’re

Russell Gunther

Good.

Dominic Canuso

of longer loans. life from that the run-off which the portfolio held at the originally portfolio, on environment run-off investment, had that the residential for mortgage clearly rate time is to rising with loans of Much we non-strategic in no these those modeled originate. are commensurately average a So, derived we

to that payoffs our our year-over-year see refi seeing up refinancing Clearly our acceleration on XXX%. refi we're is and that we fee-based business ourselves rate an is decreasing with business the originations due in environment of what

with that portfolio rate consistent would future. second that foreseeable environment, So the in the expect pace -- quarter the we to this the for run-off for continue

Russell Gunther

great. Okay, Yes. that. I appreciate

Rodger Levenson

great book, that we were mortgages, add within we residential with are again customers, I'd engage just So, are to that. all these highlight potentially particularly would say get opportunity for primarily a think mortgage that this the Obviously I our that. and I would broker fuller we relationships. need And these to they to consider all footprint. see although these originated, our point, options, don't do at

So, that we see want in connecting make are a we decisions any with progresses how customers. have plan place differently. would those And actively we that do anything before to to

Russell Gunther

in All right, your thanks for year. expectation the of what's the get sense flat driving that Rodger. And loan just half wanted growth as to core to the for back

growth. C&I strong really had guys You

I continue maybe think to back a Is in the you pay-downs bit little about what's continued core a just that half? it the bit. expect handicapping commercial share just or

Steve Clark

Yes.

Clark second pipeline first with here. Beneficial, Steve right the encouraging. was -- to And to quarter very Russell, the Agree So, now strong. is full C&I first activity quarter our

We average about have of addition in not that to that have and about $XXX funded. we the year that in million half closed commitments weighted XX-day million $XXX of pipeline have first we the

So expect under over we to closed months those commitments. fundings next XX previously six the do

is pretty in portfolios But part are heavy loans. non-core leverage the and These on of these Beneficial side, in we the and portfolio. And participations are in three of there as multi-family refinance activity. kind commercial there's view syndicated purchased all broadly legacy that deals

allow we appropriate. we'll to runoff, when So and exit will those

the brings that we on commercial just So, year. think of kind side I described the flat us that headwind in for around

Russell Gunther

just No, the the Okay. up if give be, for size leverage us legacy what could mentioned like? to look headwind aggregate guess the just for side, sense helpful on multi-family that very the could that's -- that you I of Beneficial last you color. what commercial would loans question syndicated me portfolio

Steve Clark

syndicated broadly leverage purchased It in is transactions. multi-family approximately loan the million and $XXX participation

Russell Gunther

my question the Thanks Appreciate Okay. help. That's for guys. great. taking

Steve Clark

Thanks, Russell.

Operator

of the Brody Instructions] [Operator next from Preston Jaffray. comes line of Piper you. Our Thank question

is open. Your line

Brody Preston

are you? How Good afternoon.

Steve Clark

Okay, Brody.

Brody Preston

I accretable quick know contribution Beneficial past what to on from question yield. want deals? from the was just a both from accretable yield the all-in and Hey,

Dominic Canuso

Sure. it's Yes. sheet basis the second three In points. about balance the larger quarter given now,

meaningful, towards to So there. but as we've absolutely previous will expected the off over contributes interest run continue purchases that since but it's margin, our last not year the net to

Brody Preston

Okay.

sort -- next so accretion XX months I to the I in down the somewhere quarter to So over this then was all-in guess, here wheel legacy, and the the closer will XX basis guess, points for XX, number zero accretion there? of

Dominic Canuso

Correct.

Brody Preston

Okay.

to was press the highlighted refi-ed Okay. Great. prepaid And what CRE that the stuff the on that with yield for regard away? wanted the blended then to a in just release, sense you get

Steve Clark

So, Steve -- Brody, this is Clark again.

have kind don't but on I portfolio for commercial yield So CRE the on payoff portfolio, entire specific was the the of about XXX. the blended portfolio

Brody Preston

Okay.

And highlighted I guess, about yield loan so think you're of what -- the with So, was I from I guess that moving What book, of correct? guess, in moving I last forward, quarter, do terms pace I relatively $XXX know I that's non-core line in million when paydowns prepays you this pace the from thinking guys forward? the commercial of book about guess. you

Steve Clark

over all at pricing is believe notes occur years. out. think we next the rates to expect the more So year it We our and all. in much this market it will refinance record these three see we'll reset as We loans don't aggressively

Brody Preston

is prime? then give what as you LIBOR and to of Okay, loan total portfolio tied what percent And is a tied to percent could the okay. reminder to me

Dominic Canuso

prime. would I is XX% XX% of and say of is XX% variable is LIBOR Sure. and about it that

Brody Preston

sort re-levering to of guess thank then of much I strategy. securities I know that. some you you portfolio the just from that the And Great, real book Okay. turning quick. optimization very

security how guess a of purchases? have wanted in any, for if you Just to left, terms outside additional sense I get much

Dominic Canuso

question. of and point this first I I the missed part At apologize the

Rodger Levenson

optimization. Yes sheet We've I can in. the balance jump completed

see re-leveraging we significant of the So don't portfolio. any securities

Dominic Canuso

at time investment internal in the end rebalancing the point the of balance hit for mix completed we this At targets securities. sheet of of and June, our Yes.

Brody Preston

for from for number Okay. Great. do expenses? expenses for XQ And was the you what full to to then the quarter, impact have full a quarter the Beneficial

Dominic Canuso

explicitly. have not do We that

Brody Preston

this the for if the a savings and so I sense I of already? was extracted expense quarter pretty number good just cost to some maybe you wanted Okay. I'm to guess trying sort get of

Rodger Levenson

in. jump I'll again. Rodger is this So

as you will specific we through and Brody We this previously, for you But savings the the is I'll this XX% number. that is said modeling the get cost tell year. holding

during and Dominic XX Most of that because when integration quarter saves specifics of savings most quarter you But that's the as FTE well, cost we the be the some come. locations of closing really when third the quarter. as said realizing with the some get will we of third also information the kick brand in those in, impact and kicks systems the will will with this that's in for then

Brody Preston

just credits of you to provision. for Was attached Great, quickly turn there quarter? I charged the that And Okay. either guess then Rodger. specific this wanted to reserve I off two the thank to a

Rodger Levenson

correct. both off on reserves were where that there credits this charged So of those then for quarter,

Brody Preston

happen the to number? Do you Okay. have

Rodger Levenson

on We credits for don't confidentiality and specific customer provide reasons. other specific numbers obviously

Brody Preston

of your Okay, then million give see okay. guess the you that trajectory guess in I might I just as I I the $XX.X C&I quarter, I relation about And guess specific reserves could XX-Q? reserves in us -- C&I a for guess for, this we specific credit sense think to the

Dominic Canuso

would see I broad of I going again, don't reserves through normal number level impairment our my that off I our that went C&I material have top we a in head. portfolio. allowance. you're the don't change But to for think specific Sure. say of

We will get Brody. you a number also

Brody Preston

last And of non-owned down. guys quickly taking Connect, Okay, job in ATMs know have But managing time. to then good for you done I'm I the two cash thank lot with regard Cash you. me. pretty a

the get to that Just level size of there's XXXX wanted business run and identified smart that a ATMs to sense the its need XXXX, if at for you a minimum safes. you current

Dominic Canuso

we're This targeting one-third sheet, we more a portfolio we're sheet balance for on Sure. I bailment Dominic. and off two-thirds the that balance say, is business. for see looking it as would mix

that offer growing our we we're to will to ATMs sheet, fee-based be balance will then bailment the but for that not look as mix. to on smart funded In balance services towards other safe providing that primarily that addition that business we balance look as

looking are So for. the targets those we're

bottom progress growth the driving some last year clearly line improvement. ROA and made last see significant both quarter and You over

Brody Preston

I customers And management over that, want there have to a Okay, the drove linked or great. you on maybe pretty cash the it decent quarter. seasonally If that just one a quarter? it? was get what that Was seemed sense for large then two was to good you. jump this pretty or just signing or anything adoption smart on widespread driving of Thank had safe that?

Dominic Canuso

sure. reconciling providing but we Yeah, And managing group about in and was providing to third are bailment, that I are that logistics the that's services cash speaking where program. not customers where the we're we

see you'll up grow we services to So continue some as those progress there non-bailment clearly but in number that products customers. was hopefully and step to made offering

Brody Preston

you questions. all great. Okay, Thank taking for much very my

Dominic Canuso

No problem. Brody. Thank you,

Operator

you. Sandler of our from Schiraldi next of O'Neill. line And question is the Thank Frank

open. line is Your

Frank Schiraldi

afternoon. Good

Dominic Canuso

Hi, Frank.

Frank Schiraldi

couple a Just left. questions of

out end Or the So up from target the expect year, that improvement where down reflect a to anticipated? that that reflect had expenses bit of efficiency you the road? on just you the to an than ratio for XX%. efficiency pulling is down bringing some XX% guide earlier Does just

Dominic Canuso

accelerated we've of and should deposit or -- Sure. lower year offset conversion the and weekend. in in by say some half This I seen the the then first opportunities. in by before being the to in expectations we our hit savings yields betas is that on portfolio the the cost I just the doesn't change regard ultimate post-Beneficial say would the with higher performance. necessarily It's year turning delivered it primarily

Frank Schiraldi

bp the mean of as Okay. -- about feel running we've quarter point like in already can parts, the the guided slows margin over cuts of there's NIM your or XX else front given had that don't the parts does rate you basis I half second from far I assume deposit just maybe move. here back I more a of cut seen equal have some year lot if side kind floors break the goes, on of the second bp some to there's to as just NIM thoughts what as on you third given the the this move rate deposit a And third on in where all it level and if know wondering XX that's down and pricing you the you I'm think XX of can terms moving lower I if moving just into LIBOR. or but then guys

see trying a into to Just well move? as could where XXXX we NIM look get we of sense as

Dominic Canuso

Thanks, This Dominic. Sure. is Frank.

The more rate has analysis declined the when look were And our where consistent of at at say first quarter, you with I'll with is end post at the first sensitivity that the our asset thing interest of end pretty we Beneficial. quarter combination neutral. sensitivity second it's the to

positions rate in. So the us well for environment we're

full For given every rates XX first compress kick-in today point year a are basis us XX basis. really million basis full XXX That for point where point necessarily change XXX point our be year the X.X% increase, would would or up income interest decrease. basis, net $X.X basis on by or on a basis would expand or until or linear to XX

Frank Schiraldi

Gotcha.

on of sort sort thought one is had pieces And already, XQ? just on level, pretty as C&I Great. of helpful. was have that as looks the of the in But you paydown might growth, is it pipeline you like mix at high then Okay. shift saw. the we that, the quarter. to significant That's that sustainable but what touched single-digit you finally, And least the two just obviously look -- successful here in into

Steve Clark

with of we'd is annualized say side, pleased think to this be C&I I We X% say on bit was aggressive. for outlier. probably very the Steve, an kind quarter I would really of low mid. the that's Frank, again. little would a

Frank Schiraldi

Thanks, right. guys. All Okay.

Rodger Levenson

Thanks, Frank.

Operator

for to questions the conference back the over in further no I with would to And queue, you. turn closing Thank the Rodger remarks. like Mr. Levenson

Rodger Levenson

thanks always we're in to you road day. other always good on the we participating for everybody have address then. everybody again look available and forward September. I today. on and you seeing as of Thank you any call many Dominic But the to to back go when and a prior Thanks questions have

Operator

in This you Ladies for your and participation gentlemen, does today's program. conference. the thank conclude

day. great a have Everyone disconnect. now may You

WSFS Financial (WSFS) 23 Jul 192019 Q2 Earnings call transcript