WSFS - Earnings call transcript Q1 2020 | WSFS Financial Corporation

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Operator

Ladies and gentlemen, thank you for standing by and welcome to the WSFS Financial Corporation First Quarter 2020 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker’s presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to turn the call over to your host for today, Mr. Dominic Canuso, Chief Financial Officer. begin. may you Sir,

Dominic Canuso

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

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

today in due these constitute Form but and discussion on about differ management’s limited recent our Actual Our or include XX-K will our plans to may results and view including, information expectations, our included future reports uncertainties, those annual and of risks XX-Q. forward-looking on indicated materially Form results most report to, statements forward-looking not our from historical quarterly prospects by factors the that risk statements.

and with other as to harbor well As call statement. are during the Securities documents, All subject safe periodically file comments made today’s the Exchange we Commission.

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

Rodger Levenson

Thanks, us thanks for the call everyone Dominic on and today. joining

together come of most nation’s we health are this in the our the history. crisis middle in afternoon, significant we As

is behalf period. today Before and unprecedented to who offer X,XXX as community best entire this of I our we through wishes comments, listening begin associates, my on everyone and thoughts over manage our I want to our

each had across of NewLane safety we other Finance. the businesses and Since customers, X,XXX while our Trust, our continuity through allowed supporting working was national investments, and challenging Connect have our of to the technology predicted associates planning, prepared of over associates. including Cash situation. from XX, could our not circumstances business effectively and our the customers us with home, Institutional pandemic, Although exact this our and company priority have combined serving communities top serve well we maintaining of COVID-XX well-being March to operate the WSFS entire Recent have

with have the protocol same we At our in time, appointments banking been drive-through retail access appropriate preventative and providing offices.

usage also myWSFS We increased mobile our seen digital have including adoption and communication our products, tool. of

are we likely very rationale recent initiative, to year. additional channels. strategic environment, acceleration which This continue transformation we an see trends highly it that confirmation the will of is last of towards still delivery early this of While these into commenced is our the

CECL additional costs rate. Turning to quarter This our a XX% our economic moment. X, Total and XXXX, of runoff first impact Obviously, annualized from non-relationship operating line nicely quarter asset for portfolios. the on first provide on continued I Beneficial of growth driven the this usage. increased loan the excluding in and environment the revenue of quarter, of basis in and also by of in annualized linked-quarter was credit during of versus XXXX. allowance Approximately quarter and the will at a the grew March credit result credit quality net the XX% a credit reflecting performance increased elevated to results, solid. of forecasted current adoption the comments on quarter. Core led X% and pre-provision a was core the of closing the deposits growth XX% was X% performance the impact a losses

Connect. revenue bailment prior the growth. Expenses and ROA basis, in accretive and income lower Cash reflecting The as improved Excluding of Connect linked-quarter and continued we in acquisitions in core decline its an was performance, see benefits lower continue recording several fully X.XX%. by a well-managed resulted offset XX% disciplined funding trend efficiency costs. ratio were X% a of revenue fee from banking-related non-recurring items, bailment core on Cash volumes seasonal reduced decreased transaction of to

plans. original adopted CECL we credit, to Turning the with our in consistent quarter

increased increase modestly book, total improved assumptions on the build. of reflecting with was total ratio The we total quality a significant X.XX% and the our was reserves the tried Including in reserve as million, the yet compared during The CECL get to oncoming purposely XX/XX/XX. the $XX to the quarter, deterioration ahead marks both ACL corresponding Asset loans acquired at at our X.XX% X reserve quarterly to X.XX% X/XX/XX. provision. loan day coverage

outlook both quarter X% year provision continue the the incorporated outlined supplemental to in remainder and unemployment Economic XX% of of the As a for GDP in second materials, of and the our second an of decline quarter. the fluctuate. economic models

to second books, continue deterioration Assuming we the build the from we close expect in when would quarter. our to reserves from assumptions

be It granular. portfolio philosophy loan long-held our concentration and to Our continues reflects very of well management. diversified

learned concentrations limits each of we which management risk time, underwriting, portfolio. Board-approved even potential Great the has Since Recession, to XX high-quality concentration with represent that our in governed loan concentration highest any the during by As compliance. risk been remain

repositioning of reduction XX% Beneficial In portfolio intentional well problem assets asset This the execute post in $XXX in to as year, improve continued a reduction to continuing of the addition, included million over of and past an while as payoffs our quality. loans loan NPAs. strategy non-relationship we XX%

information overall loan portfolio and on the along hotel retail, provided with service in food on portfolios our have the additional We details supplement.

maintaining improved future this capital ratio end stood us the X of of we can the over stress current X of Reserve assumptions the Including the this absorb move end XX.XX% combination, common our Under X $XXX losses. losses capital environment. the years our of utilized benefits to This levels. This scenario, impact equity most us with significant period. strategic at the potential to cushion flexibility common which a completed severely through as XX.XX% of with capital for adverse million consistent while Tier a WSFS CECL, at absorb capital almost additional we credit that the recently at provides generally are it testing, scenario, the significantly with environment. In capacity beneficial Federal our addition of quarter. Tier equity In also provides

just shares. million over authorization, we completed During the share quarter, our X previous buyback repurchasing

the a of routine approved until take has of authorization to XX% buybacks. for both Board of end least second pause quarter our shares, buyback new incremental have outstanding the we decided Although share at and a

also our at increases resumption outlook upon dividend share. the will corresponding economic future in evaluated buybacks A our We dividend updated modeling. per maintained based and $X.XX potential and be cash of

addition focusing on to In the serve current situation, to adjusting our customers to business communities. continue adapt we and to our

funding businesses filing X,XXX through throughout applications the are customers, of loans we we $XXX terms process we in help over of the in of commenced of the yesterday. second and million are PPP another In another April footprint have provided XX, our sustain process to – in that in phase

well $X.X businesses, also via March modifications know of in contact NewLane, these we many came customers We both and XX. include at cases cash best the real path in billion estate portfolios of the remain assess of closure customers and and or our relief C&I April late consumer them XX% loan commercial early and of our reflect from owner-occupied these with period. which the less modifications that XX-day provided forward or Almost end partial these and have so of through some April. full We in in can collectively the deferral

enhance organizations not-for-profit need. Community significant a the million made to particularly support our To grant $X We in serve impact, the need Foundation. also who most those we to the communities, our recognize in WSFS

investments performance, the from the decade. we our have to ahead will look we benefit made over past we significant future As

talent much headquartered largest the strong company significant becoming importantly, bank and and very to capacity businesses, most have Management addition revenue organization. and demographically pre-provision diverse investments the region, to greater, provided leasing established Delaware mortgage a In in our These we and, throughout net other stream. and Philadelphia locally have rich our added Wealth healthier national our

Our in a loan loan as restructuring million the acquired of the result Beneficial. of for a core included pre-provision $XX.X $X.X of net million from accretion revenue accelerated quarter largest

$XX range We expect will decline million second funds quarter. the our a the million, rate be the $XX of point the result in net XXX pre-provision primarily during basis quarter as revenue in fed first of that to core

would assumes PPP include revenue and pre-provision the of current the estimate in end also stay-at-home of protocol not the that does net loans. our quarter impact region remain core the Our through

some has this XXX additional community served Finally, for context, WSFS years.

are the values stay to with We long term. And company. true periods of very manage the our faced for a when resilient and company adversity, we

prepared so I turn are Q&A and with team. our Thank please now stay over again. ready and will safe. you once to facilitate to We Dominic do it to

Dominic Canuso

Thank you, be Q&A will I the Roger. facilitating session.

if Towanda, could please in So you let queue. the question

Operator

first you. question Piper Our from Thank Schiraldi Instructions] [Operator Sandler. Frank of line with comes a

Your open. line is

Frank Schiraldi

Hope good afternoon Hey, are you well. guys.

Rodger Levenson

Frank. Thanks,

too. You

Frank Schiraldi

modifications deferral of percentage of sensitive the call about levels going ask of in them to or forbearance whatever we concentration. loan to the or wanted are some terms I

just heavy of the wondering here? do requests loan and where your – and plenty requests of CRE deferrals, restaurants, level to overall break C&I I I books. but and is you And guys those quarter, a of assume from you every would think of in have come seeing there begun concentrations plenty hotel So moderate out obviously, you else are deferral which

Dominic Canuso

Steve, Sure. would that Frank. question? you to like Thanks, address

Steve Clark

Sure, Dominic.

request little obvious I social segments the deferral the leveled of we request segments. the besides I we the would point. in have also is at kind food have requests two And received say, assistance off hotel that and of retail the the and received or majority, kind service. of we point, then at other and Frank, in really and the this bulk So, say two bit would other There CRE two a this are healthcare trickling are deferral believe vast

Frank Schiraldi

some you Okay. in this specific percentage in to terms loans or of within providing of provide hotel able levels are of concentrations deferral? And are these

Steve Clark

Yes.

can I think X, each you portfolio. on sub-segment for in see percentages the Page

So, of hotel XX% was portfolio. clearly the biggest, that

next We is have couple the XX% have which XXX-day that really referrals a food for. XX-day we of is a portfolio, and the segment service, approved approved restaurant deferrals deferral, biggest

Frank Schiraldi

and doesn’t about a NIM thanks. as bit either. terms contraction you forth? guide since quarter, am deposit But the some so I assuming guide the a about could you of up, little that if quarter-over-quarter maybe PPP, in are a just talk could betas wondered Okay, for assumptions what the contraction NIM and doesn’t the our if follow PPA and in the of just guide then next And include talk

Dominic Canuso

Frank. Sure, Thanks.

and would accretion I point out customer core loan was Roger WSFS. off large one elevated First, paid first within refinanced purchase the that from as primarily mentioned,

with, modeled as would additional, again, which points function the we the what beginning that down of of about pay expect accretion XX that I in of this year the the we’ve had on to of laid and rate and and basis Slide could the XX quarter affect. up And we environment a of then that, depending is of payoffs. consistent all on points PL, at basis supplement, obviously, been second the guided out the in Excluding XX of range have

our This the fed appropriate given to, XX% costs is able received CD rate actions, are million all assumes, March. managing the already our to the rate-driven, quarter, our consistent Secondarily, assuming excluding significantly lower the exception expected rate to PLA $XXX assumptions, our from IRR ratio, what decrease original of the a and deposits we first plan portfolio. NIM very and the pricing interest our put of through our but XXX only affect of the drive $XXX beta in funding we but obviously, at given million, as we’ve have quarter the reduction rates second not loan-to-deposit end within cut, in point XXXX, mix post second as quarter continue year, basis for to with we one this high of place

Frank Schiraldi

you. Thank it. appreciate I Okay,

Dominic Canuso

Thank you, Frank.

Operator

Thank you.

of line next Perito the Our comes question with from Michael KBW.

is line Your open.

Michael Perito

guys. to taking afternoon. hear my good Thank doing questions I for glad well. you this afternoon is everyone Hey, am

Dominic Canuso

Thanks Mike. joining, for

Michael Perito

credit I wanted to the double little a conversation down on bit.

longer book, might guys bit to you it book curious, it. even not a revenue think struggling we something think dynamic obviously, specifically you the return some and to is COVID the want CECL initially, there kind that portfolio, have with recovery drill get because seems of or down probably one to the into to move uncertainty. here? guys, to I that summer, be broadly, occupancy, mean, the just just And I’m you it trying forward hotel type little about there as we area however measure reserves close move the full that how drive of take just a plays I’m as bit up But was qualitative where hopefully, those think of to kind do looking additional you guys to of operation or, just I for either you an more are if to normal what as return trends? kind a thinking see about reserves could this out? kind that on we as the given of And you’re is

Dominic Canuso

reference, question? for within segment Slide And if the XX portfolio the do address that on question, for our Steve, like supplement. Thanks Sure. hotel to detail we the have Mike. you would some on additional of

Steve Clark

Yes.

So biggest in we the as that’s I is of definitely guess mentioned, deferral. portfolio the first, percentage that

as exception XX-day are deferrals. had about couple, these So all of I XX%, said the a with customers,

the it really for days XX us each to So XX of work half opportunity plan the and down to plan the is, gives with next year. of them these the really second customers, a to an over really develop sit with

in confident the in very these sponsorship, underwriting We’re the very confident and of credits. original

of So, you a that for XX-days the this customers it’s to all But chance unclear our longer space. the a gives will longer know, us or this fact the B we term or recovery a really whether in furloughs be with kept U work plan. to

Dominic Canuso

all to this with of we’ll to develop of continue the year. Obviously, remainder been just over Dominic work add with the dialogue and constant area, go plan customers, days XX in And, next on. to Mike, them and XX in the to forward the our for this particularly we’ve is

Michael Perito

Okay, bring but looking of a or helpful it’s about temporarily end the came you as pretty guess, fairly we additional way I new know, switching back at of dynamic that guess, it’s large guess, should of move think the to or would I quarter, you clarity know color. on of it your do obviously, large as you until is it the I over more timeframe, of the less market? forward? thinking factors you’re appetite, said all just know, but authorization, of Thanks. although respective you Is this conversation pause we for kind unique, be timing other kind I it’s to And together, the recovery on least the economic the guys respective But pause. what about that how we you kind capital,

Rodger Levenson

have Sure. how approach would to out communicated laid I consistent management. Thanks capital our we Mike. and say be with the have continues our same as we

this. inorganic First look and organic to growth for we growth. we capital business reserves protection then invest of into that when feel and capital environment, the we And like that foremost, cases for as at our comfortable with look the in

different then on relative time As IRR and at I so and it of appropriate uses, so the beyond that. customers, than the we’ve done we we that in positive share were through would would will that certainty price say is quarters. share evaluate buybacks subsides our to our then demonstrating get more on how around to take two those is to What we’re incrementally two have needed that routine continues approaching recent we likely tranche focus capital that today. history, stakeholders recognizing want three or capital model bank Clearly, as based the return an no that we can the accretion. that first ensure our And to that to

our make factors affecting PPNR. provision the we CECL, as of will performance through We a quarter quarter, the observe determination. And our will by and evaluate continue to we macroeconomic

Michael Perito

good. Sounds

I the to kind capital as going this if is out, it on sure as the a credit sort perspective? bank you positioned that, guys much sounds fair I but willing comment be what’s of two can know, not side that on quarters, mean, from you think don’t it next the there’s and know, to you��re it’s as minimally strong making far, like over probably So

Rodger Levenson

customers we this on don’t our credit a and in of obviously, position. impact environment, but macroeconomic think I therefore Yes, its can the for and potentially volatility certain, there’s lot environment, in say our

health the and of monitor and so what’s our bank the And right to we for long-term shareholders. do continue will

Michael Perito

on kind quite there the how hop are just updated back, any how but about just quarter of any second us one there growth, given, loan you impact net on environment can plan more then already moving And general, maybe current the of kind before think view thoughts macro pipelines of the than give updated trend in just pieces know, you few any uncertainty? or could of maybe runoff had you I’ll could growth a is Okay. you kind

Rodger Levenson

that first that billion this runoff portfolio mortgage to work would you XX%. of expect we billion. by in now, or to portfolio clearly throughout seen of It a under interest to do interest And that and about will Slide refinancing it obviously, loan function pace total the is the down will that if the loans to dependent, mortgage the And participation be the the will non-relationship-based When and continue. in supplemental I on affected down rate thanks. portion portfolio, to market. that run purchased Sure, some was rate expect is the of XX% Steve, residential environment The considered of that we leveraged portfolio the talk is X.X obviously significant continue, detail runoff XX. with beneficial had we material like residential speak refinancing is we ago along of a just and would year. in the largest And about particularly rate year but book in $X be and pipeline?

Steve Clark

Yes.

opportunities average probability a weighted all Roger is indicated kind runoff his had clearly the recovery portfolios. to year. annualized as the focus near part loan But of just loan quarter was our the fairly XX-days. comments, of next Presently, a on we of deferral of – quarter, expect new this see our and the it’s strong pipeline really excluding and activity really with the latter PPP as XX-day lot to while the really what some and of the pipeline type up. half over So, to as the first in fund term, pleased we now opening third early moving is the anticipate latter March, any fourth the would ended In were good, we over average XX% growth, million the allowance on $XXX right we of any we should of But activity and accuracy. growth with forecast quarter, activity we opportunity year the to assuming of a some pick type hard weighted

Michael Perito

helpful. you really well Okay, appreciate Thank Stay question. guys. take my and you,

Rodger Levenson

you, Thank Mike.

Operator

you. Thank

line question Gunther Davidson. from with Russell D.A. the next Our of comes

Your line is open.

Russell Gunther

guys. afternoon, good Hey,

Rodger Levenson

Hey, are How you? Russell.

Russell Gunther

what follow-up sections made some could of testing hotel, adversely Dominic. Hey, internal through guys service, the walk scenario, wanted assumed? you comments I like potentially us share are assumptions content you some food stress on lost Wondering of those potentially with within exposed to retail, your with you just more regard you performed. stress there to if and type

Dominic Canuso

Sure.

I impact as of we’re as can’t or are all which consistent relatively is elements in then conditions, While are testing say, cost, seeing Roger know, interest the economic to quarter, speak mentioned, margin adverse growth, same. do type driver main the of we level I is to the around loan acute and distress base. between cost the our assumption, in are not sub-segment stress the somewhere macroeconomic portfolio, obviously including the environment all flex we credit our of the and net compression, particularly environments the first portfolio as severely now second would the

on and Slide given segments our point you different have affect the We what of they drivers. out But we than would to adverse which a portfolio and look can do than different XQ starting C&I in the we’ve those investor that is on all And differently, our then appropriately stressed our as XXXX. material, the see is macroeconomic synthesized So occupied X, own laid performance, consumer. segmentation. owner based distribution stress

Russell Gunther

in than bucket, you. and very a – investor consideration loan Slide And outside particularly be helpful, thought, to would Got remaining helpful, but both then reserve that it. into little take owner Thank Dominic. from lighter I X CRE looked both have bit That’s I but the obviously occupied the and doesn’t looking mark. the by levels credit found

incorporate broader on if or if reserve where wonder comments you CRE So any just that of might out shake speak levels I today? to those within you could kind

Dominic Canuso

metrics everybody, would I of all as quarter saw in remind within portfolio, Sure. we our our metrics lines And are both credit strong. the leading incredibly and in first,

going provision or real driven most are CECL the in the C&I, part, be And and first outside particular unemployment. around dramatically as which with the yet was driven to environment estate interest of by the quarter seeing not driven unemployment moved of by through all indices, in as being macroeconomic CRE pricing are the ACL factors that’s we So, for and the and modeling. rate our GDP. what the have macro Most segments by other then in forecasts portfolio unemployment the

forecast in would impacted. the likely it’s the economic portfolio So those of our macroeconomic duration haven’t and/or as within indicating point CRE But be of severity are those to any indication forecast we sub-segments the of extent that that this again, conditions change aren’t macroeconomic and more at extends some and the some those drivers stress. then we seen time,

Russell Gunther

very That’s for PPNR appreciate helpful. Okay. question for guys. XQ. to of I appreciate me, that, I Last Dominic. the ring-fence

that puts if discuss have lower the relative touched and the of you you. XQ of income. within guided expense to some the wondering on outlook there you Maybe Thank second takes quarter. Just and could anticipation fee for just

Dominic Canuso

Sure.

The also for some would the improved outsized also note the the PPNR cost was we NPL quarter. that our first particularly thing in mentioned. won base that number one-timers first by But Roger strong had quarter that is I

recently forward, driven the basis by LIBOR basis rate days was the last Fed trend over basis in points. dropped of the which followed XX all, lagging Going by XX of the points, is lower first but the point XXX been over just PPNR to decreased by XXX primarily, has still XX

things obviously So take of play in We a – June. May we that conditions what rate region to will lay maintain. discussed, would fee for week-to-week. move our the as approach stay-at-home conservative when resets, mentioned we kind assumption and as impact then, this obviously And into our that wanted and say Roger particularly businesses quickly to our the very to our if out,

PPNR by lower two impacts. the driven So, most is of those

that investment relatively is working our disciplined, cost from increase from above, naturally business, be was slightly be the some for quarter, some most and occurring. actually we’re home year small transformation seeing where Our throughout particularly some are in will this saves associated be in and we’re marketing technology marketing environment to dollars we management delivery the our continue with as continues There invest cost to including the months that a probably which for of initial non-interest a I printed. $X.X consistent what run future million growth. would say the rate from than part, and would indications the But with kind couple higher they about ago, first expense of core is

Russell Gunther

That’s Thank much. you very Dominic. helpful, so

Dominic Canuso

Thank you.

Operator

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

Your line is open.

Brody Preston

you? Good How afternoon are everyone.

Dominic Canuso

Good. Brody? How are you doing,

Brody Preston

I I am back the is Dominic. us back lane. lanes, new you of portfolio wanted just doing Thanks circle well. new collateral from remind Could to Dominic on the those lease

Dominic Canuso

Sure.

primarily, whether that sponsor for it’s equipment, the the but that end. – equipment leases or at there providing the big equipment equipment it’s products the or only are retail $X the office So, residual is

working just is So, the customer through recovered for partner. channel and and the paid product most with of

Brody Preston

okay. Okay,

is at And on points. eight, that’s is portfolio by sort so but at lease up C&I X%, segment, XXX – so ACL looking near the I slide basis portfolio was only of the

the have to And that’s this? I ratio underwriting before the there, you’re and guess some the the loss a you this was and portfolio, for ratio service to model those debt what max X.Xx. on so and coverage that out debt differences your two So, spitting books? wanted max that lowest what CECL is XX% LTV clarify was is LTV to service I better bullet I coverage hotel content between just understand the between of driving just wanted

Dominic Canuso

address that Steve, question? like Sure, you’d to

Steve Clark

correct. that be Yes, is That the would max.

were are and that origination. of at So, obviously, lower that coverages we have time LTVs higher

Brody Preston

funding cash what’s connect, come average just more on third-party lower had in costs like to Then the as move in the you $X.X these cost Yes, the million Dominic, there cost of third-party okay. wanted to and decrease the is clarify, that here, as funds?

Dominic Canuso

Sure.

of couple a points. So,

impact cash rate we connect quarter primarily was driven that be to neutral. business first rate to positioned and environment the First,

– – above interest don’t third-party commensurate funds. primarily commensurate was the internal that decrease costs cost it pricing, our the rate but So, in slightly We of with funding environment. the with funding is disclose and

Brody Preston

the usage, then guess in dramatically. it’s mobile up And – much just great. Okay, pretty of I how your of terms

So of understand, about I just you how want this? rationalization brands to thinking the aftermath in are potential better

Rodger Levenson

certain, I a what in observed is shift. Yes, believed and planning, Clearly, this in, delivery has for our transformation so regard what think will investing half that are to reinforced is we’ve to so. and customer with the were planning month over position kind accelerated of that, behaviors we environment last and do that

as our are increased count, We product service center. with and environment able this use customers in the through in branch our reduced out supplement, call with myWSFS mobile of along laid product the along supplemental mobile

think I how we’re this So all work on lot in learning a to environment.

is our and to and able seeing actively our foremost, implications are to priority customers this We adapt significantly customers our how the best clearly to which environment COVID realities bank. and operationalize we are evaluating, through for post all

Brody Preston

And across wealth me, Okay, trust much down pretty great. management been for the and up assets to it’s last it’s one the the nice then see industry.

in know, bankruptcy? what or in big just maybe to to if terms tied drove inter-quarter remind in? the fees And was us coming so it new one And – big client of one you that of anything when was those timing can typically wanted if come

Rodger Levenson

Sure. like on Art, handle that perhaps wealth? question to would you

Art Bacci

is Art. the for This thanks Sure. question. And

pretty a very on trust I business. personal performance through first both the business. think We fourth quarter the our strong is corporate had solid in quarter we’ve continued trust

least clients, working we’ve seen from contributed just that, at in commercial to the early referrals. in I AUM. anyone as think getting of coming referral We’ve existing we’ve been well to customer, as AUM, strong terms increase bankers. instituted From program in performance it’s the an uptick In with market March, not the really seen referrals

I was And one think question. – there more

Brody Preston

Yes.

fees Just in corner? of come when the timing the those

Art Bacci

beginning at advisory advance – usually Yes, quarter. the we for in of businesses, go the the we

have billing of the down. would down, the market March March that obviously the and was that end for been slightly will So, through second XX, quarter – the be given

Brody Preston

there. much my you Okay, questions, it. very appreciate taking great. everyone Thank I for

Art Bacci

Thank you.

Rodger Levenson

Thank you very much.

Operator

Thank you.

of line the Scattergood. Erik Our with comes Zwick question from Boenning and next

is line open. Your

Erik Zwick

Good afternoon.

Rodger Levenson

Hi, Erik. are How you?

Erik Zwick

you Hope as a had I for well. apologize. there doing issues minutes. connectivity well. few I I’m some are

of So and program, remaining a can would to and expect – amount as the kind applications much of to – have regarding dollar how some asked you the the With during PPP program? probably have of second do the of my were – be the round answered. already questions regard that of you us you give of funded any color you

Rodger Levenson

address would you like Steve, to that?

Dominic Canuso

Right.

So this is…

Steve Clark

on I I apologize. I mute. was apologize.

Dominic Canuso

for you, was to Steve. go I it pinch going But ahead.

Steve Clark

had you round of and our X,XXX those have the for has $XX around mid this applications of have approval someone I for – that we today, the of The additional two. team information X,XXX a back all on saw on except we round that at has…. total $XXX totaled, I on an would dollars. processed process, can don’t through first that two. round, been day, million. you for received around unless line X,XXX the morning, We And teed kind XXX with had million, can applications couple circle for for late What point, X,XXX up in million as else question, funded

Rodger Levenson

Roger. is Yes, this

could that need based under round loan second received average of the was demonstrates the XXX,XXX. second the We think little the the so I the So be in processing, on and get smaller one, middle size our applications we’re as will a to they believe for in customers. round, fact Steve mentioned, over it’s little which round a that XXX,XXX, the

Erik Zwick

items to about Great. items and last question environment me, some any see charges, relative of there likely for income of pressure full COVID non-interest service we’re those given line credit, quarter in impact? the regard deposit and that XQ, kind And the XQ, line that fees on then to debit just to sense a is just additional the with are for, thinking sensitive and potentially card, That’s helpful. to

Steve Clark

question. time. was most We March good Sure, of weeks it And the stay really think home first XX were think would country, at XX say I the particularly back a the in that business the in period until usual. wasn’t that for areas, of as a end absolutely. of situation really across quarter I

March our recover see that reopening banking from in the it mortgage interest the etcetera, potentially customers in-home But And phases. would Connect and/or or at So, in extent would transactions to ability local we and do ATM own then rate without likely, doubt. and line, a then we footprint, card that environment credit, economy Cash either debit the through extend will whether well. ATM in are an in transaction see transaction to most as an and it’s of our impacted likely as be appraisals, down

Erik Zwick

my taking for you Thank Great. questions.

Rodger Levenson

you. Thank

Operator

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

Rodger Levenson

a for operator. next we’re Thanks have everybody will interest you, very in teleconferencing and wish much after week. conference Thank for I participating investor in an WSFS And, questions we be call. support your you. the Thank good Dominic via additional day. available as and always, and

Operator

Ladies and gentlemen, for this you today’s does conference. conclude Thank participation. your

You may now day. disconnect. you. Thank a wonderful Everyone have

WSFS Financial (WSFS) 29 Apr 202020 Q1 Earnings call transcript