WSFS - Earnings call transcript Q4 2020 | WSFS Financial Corporation

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Operator

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

Dominic Canuso

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

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

recent comments our Form on the subject from of expectations, today’s information Actual we by about included or the Levenson. to periodically our to prospects but our Annual XX-K uncertainties, due reports Our read, constitute plans I’ll those risks statements discussion Rodger today as as and that most including factors discussion Securities made view statement. Safe and in not All the will turn over include results Harbor our management’s and Exchange may historical other to quarterly well on indicated future forward-looking to Commission. during file statements. documents limited risk With and XX-Q, forward-looking that differ these materially Form are Report call with results the

Rodger Levenson

quarter, solid common assets well earnings XXXX. of as very tangible return had on share fourth Dominic, and commentary recent fourth Thanks, Consistent both quarter on XX.XX%. this of everyone use equity us the reporting as of our section brief with joining results, practice, today. thanks and on return for our introductory X.XX%, will outlook per a of provide we call $X.XX, a on to WSFS

in over very interest a of of supplement, the of earnings items. X.XX% of into nominal close increase represented to the XX% impact with the of approximately non-relationship base incorporating It PPNR as margin, accelerated stable numbers As detailed net from translated reported prior a with conjunction higher forgiven accretion quarter of in of and accretion included translated Combined the fee been and income portfolios from by year-end. X.XX%. the healthy modestly a margin run-off million X% PPP and continued interest into These Core core beneficial. a included loan also very had non-core PPP, assets. an acquired amount results loans primarily this after the $XX.X results release purchase were

multiyear investments the were banking relationship This a the joined Excluding project, talent continued Expenses activity, past over continue Total lines. flat third with stable. transformation managed we X% reduction have the fee franchise. the grew months. well to problem including significant assets and as be remain quarter. includes credit delivery mortgage continued versus the in our acquisition third from income expected even total managers, across in multiple to Overall contributions nine XX quarter make to trends business WSFS of who

In ample addition, continued provision portfolio we performance. third cover with quarter loan our ACL expectations X.X% and low credit and excluding levels, With forecasts capital to reflected prior overall stable PPP in the X.XX% also capacity the quarter’s future delinquencies, non-performers and of strong consistent losses. modifications have levels, quarter. economic and ACL to the potential to charge-offs of loans. remain to The was coverage flat at decline

the the total and be enter call, After We Share it near comments, remain XXXX for back X.X XXXX quarter Q&A. to of As growth over stated investment. team good XX% levels. program million. current shares repurchases overview. at $XXX Dominic's optimistic price and franchise turn positioned for I just buying in in million available repurchase capital excess IRRs our will in well or our of will the now outlook for Dominic quarter, excess use third a of a fourth we resumed over with share for

Dominic Canuso

Happy and everyone afternoon, Good New Rodger. you, Year. Thank

and economic of we As recovery, the the loans, that resulting expectations timing and Rodger XXXX expectations the pace and loan, share forgiveness new PPP underlying liquidity economic XXXX positions. business outlook look we historically in a impacted of of managing of high recovery today by the will while and opportunities XXXX. performance cessation. said, of slow our continued drive uneven the for our PPP through With with will that toward will organic mentioned, COVID-XX the performance ahead effects financial results momentum be

Slide on supplement our We have of the provided on earnings Relations website. our summary XQ company of portion a Investor X the outlook in

will C&I, Our Growth approximately and non-relationship PPP outlook digits and of PPP forgiven by primarily XX% loan loans. growth is for driven year-end. be consumer original anticipate when volume leasing excluding run-off both by be will portfolios. mid-single We

are we partner relationships. with to loans, customers new and support technology leading our PPP new For partnering a acquire

While new on not loans be PPP will balance from our resulting deposits originated loans be. would sheet, these

the $XXX or XX% runoff is and anticipate customer loyalty by in in we million share approximately non-relationship mid-single growth. addition, continued driven digits, growth In expected purposeful market portfolios. Deposit existing attrition the

half expectations stimulus pace is volume, liquidity interest elevated range including points fee the Our The additional approximately margin of from in PPP loan basis range accretion first X.XX%, accretion, the purchase impact year. of be to of or skewed point which points offset XX and XX to basis government customer also basis and towards impact liquidity. from PPP either economic XX the by the interest an would X customer negative both both NIM the and outlook includes resulting from approximately of excess X.XX% enhanced Net to includes income XX impacts, recovery. approximate

will diluted than NIM. our While investment yields and per it we lower generate is excess optimize our loans through will liquidity portfolio,

in of assumes improve deposits in customer resulting points. the very betas average continue low year basis NIM total first year, to a range for the XX half costs the Our deposit of approximately

the lower record of mid-single impact coming the fee when digits and fee XXXX. Our growth year revenue the off is excluding income Durbin, in mortgage full-year a in

the the wealth. cost growth are expectations in fee to $XX for potential ratio combination range million by of range all the growth. fee in government in diversified recovery, of to environment. million supported of stimulus double-digit income uncertain it's very Our and income economic additional XX% Provision The credit driven an and a and pace a $XX CECL XX% unpredictable loan results result of by in

approximately with ratio ACL and in investments of release comfortable future transformation by delivery supported economy strong are are XXs long-term These to return all the outlook lending rates, business just faster, We new talent across expectations businesses, and be with our the is expected and full-year in The continued and extent to and very scale investment loss be enhance the increase strategic driven low along managers expected in on investments by relationship the and our to coverage, our operational lower, in impact tax efficiencies, expected financial improve for growth of to continued business the the going our through, products, walked investments forward. high is year. franchise. and I've the rate in recovers our support our our would IRRs, specifically is model we sustainable be results efficiency a to position are XX% reserves. performing with And content cases

intend well having we that and buybacks Lastly, in vehicles for We in to of levels as capital internal continue in position targets. of strong the excess price, share factors, our XXXX are if potential one including remain will of our fortunate primary the capital a number potential pace investment The share generation amount of dependent reserve accelerates. - economy economic and upon be ongoing WSFS if deployment. recovery the opportunities, capital and releases liquidity

region. and strategic of investments We headquartered growth opportunities, strengthening executing our on prospects are excited in our future the our locally largest bank our about position as the community

open will the you up have. may for We now questions call

Operator

Instructions] first of from [Operator Sandler. Piper comes Frank Our question Schiraldi

Your line is open.

Frank Schiraldi

little couple when NIM mechanics rates. specifically, more about talk your are deal, continued in you it for the wondered still expectations I a slightly beneficial and about an year? if first, was, just the you overall. excess next that year. what given relationship margin increased of, next the I reduction the loan loan originally, know could deposit talk So to to non-relationship you and the Dominic, did yields switch replacement liquidity less case Is bit as the be rates a in you seem would wouldn't create doesn't, And from commercial idea

Dominic Canuso

supplement, clearly shown customer with Sure, into continued to a improvement we thanks I NIM, exit regard see as as as Frank. in of lot there's parts XXXX moving on of our X deposits, Slide the XXXX. Yes, mentioned. We do

improve than that towards that the are in loans based booked. are that improve focus a higher grow on to environment higher off we at paying true. continues relationship migration, range So regarding that the NIM XXX and will the year. what portfolio we question To call that to next in that yielding rate basic loans is as continuing XXX challenge mix to C&I portfolio this being your The of be

in but and And you see that's forward. base migration in fact short-term, so more the stabilize that in benefit, prevalent NIM rates our improve, going skewing would as that

Frank Schiraldi

so rate Okay, eat it the on continue is, XXXX. picture book, you which you for point rates that's mix outlook shift with setting replacement that out, the rates replacement course PPP, the away will fair? loan The of Is the aside as as at to yields?

Dominic Canuso

that pressure would put NIM, customer portfolio base correct, by the funding continue but cost and would is it be the on offset That to migration. improved

Frank Schiraldi

continued have then, obviously, in to And stable. okay. loans modifications pretty total problem COVID of been problem, the And Right, terms the fall.

that think see offs all you timing be directionally or for? to those that start a criticized do see outlook those flat we they'll next what do do and start Just quarters few you next And for you Just up? charge assume fairly that the see out how playing balances better few get economic wondering until how wondering as you classified, see, how to the quarters? the you on do - over should we better you of side balances pick look

Rodger Levenson

I provision? on to customers working I'll speak bit regard thinking to talk we're what Steve in And to how about to little seeing about pass with those relationships. specific CECL it a he's with Sure, off bit those regard trends can the then a to Clark and

Steve Clark

our this in ratings. in would migration expectations. with was have And as we've our that, minimal Steve. quarters, the just of say Frank, of fourth risk I consistent past really quarter, the we spoken is kind completed review

review ratings. We continue on of a quarterly our basis to all risk

and we’ve will recovery a but feel really approach the any the the improvement right an good upon certainly ratings. economy like appropriately depending have and our risk deterioration be handle and we think current or So conservative now we’ve taken on vaccine,

Rodger Levenson

our CECL this, $XXX as just laid million on is to around of kind thoughts around we to Frank, considers in $XXX ACL impact. currently, it or And million out that Slide XX% of share how economic forecasts have related the X materials of we've of

now and the against, factors on have we've those Steve significant So and economic metrics, it's through those performance. that based the reserved of on just mentioned, would been some as would reviews, that presume put pressure but gone quarterly

Frank Schiraldi

Okay. year, pertains wondering, that impacted modeling comp, would just I a and on quick And the had as think then by to what quarter for for incentive it next you was one line? fourth just said reasonable be comp a run rate the comp

Steve Clark

we've be and as as to we When presume to I incentive the we salaries target, would to answer more well that hopefully, continue on particularly made mentioned, side, our more. Sure, Therefore, associate metrics increase we compensation relationship hit question. plan strategic will to your normal normalized - basis base, on investments would and managers. lending a and helps that our compensation our through add

Frank Schiraldi

decent beginning you next if your to invest you new I compare XQ will - from to year continue comp that the think then a rate the migrate to So just start. in that's And lenders? to point, higher run place do

Steve Clark

That's correct.

Operator

comes Our Michael Perito KBW. question from next of

open. line Your is

Michael Perito

to we Obviously on situation of of kind or XXXX model. back you of or months about just give bit how maybe around you're I kind and is strategic that multiyear do about for laid things I curious, thinking then think you wondering And and here, typically the the ago, about here? I us do I XX about was insights after thoughts of going little terms imagine there of, about internal the just years XXXX obscure that start are if right we here where months around year in kind was any was great a plan update try maybe in process? of lay from - you we should out year I just thinking start? how guys an you Rodger, a how after plan. handful planning expected a would Just mean I know, to be you where guys you just can guys the guys ask mean, the was before you not readjust or to planned you out take Couple the next everything and get have the XX

Rodger Levenson

the that team Mike. months. and is several been for time the have spending the the something question, Board Sure. It Thanks last over on management

final the you And middle year current certainly situation. by As impacted year plan. obviously, recall, this is the COVID was the the of strategic whole

get large year. that I that very very opportunity, RMs next this this CECL, things. move that And I metrics. metrics by away beneficial And is strategic through that credit be historical original practice, just we the rate feel this that with our new of we updated financial as with that impacted to financial the We has we everybody contemplated three and we of opportunities significant to year, we'll through But us then got about heavily want three strategy present move for and rationale come overall as about say year we'll the the has optimistic would us. an weren't year year with been though working we've we growth changed. continued as So occurred overall combination are confirms interrupted, year invest, as and has would the talked in we will a strategic XXXX Mike, other and the when strategic on the not plan, to see we've plan. with everything plan. Obviously, presented as to but this year And takeaway end environment changes update our with for the beyond. that

Michael Perito

this And there fourth remind some quarter of after but something about there like slide of it after how be share couple I guys think actually us can might think can quarters more activity capital with about the the ago time? core you remind kind about you - you you at seems in of mentioned than on for capital, repurchases, a balance next line in basis that after levels capital level deck, of normalized levels this sheet outpost Just at sight you to your a you us quarter were how get the kind depending the into beneficial? normalized more think - this

Rodger Levenson

we've reserve our We the level talked capital our out like have. and of the that so laid Yes, we've to and about company over capital targets. impact build buffers internal remain the in we but we there. holding of as buffer that, bank significantly we the lot obviously And quarter, the go those ways there's the reduced go. to above program things that a a fourth have into buffers, buyback still have mix And

is then environment. In on terms see business, leases of potential as economic challenges, credit, what like going and in the opportunities to Dominic things it's, good just what's reserve outlined, overall or invest whether or the the future we with

within excess occurred closer fourth there's deploy the construct we're in to dynamics. the than to So all some with were, in levels what the we of quarter, those before but more for still those us capital

Michael Perito

one, just approximately – questions adjustments then that all think you. other based Dominic kind XXXX is $XXX out? fee inclusive, thinking for I for be core helpful flat the that of number that outlook modeling commentary, does is lay that, you when should Great, to guys non-interest around or there that of year-on-year, And two we thank million just income,

Dominic Canuso

the of would banking income, particularly high mid with our an impact. clearly rates, secondary to the first mentioned play total that the and No, I you may of impacts growth, what space has the of as fee Durban. and are in market just is clearly and impact significant have mortgage full been bank is mortgage think the think, then then in ballpark two and refi And in volumes, I number happen the year around teens

stripped the out we've outlook those to remaining trends. an provide fee on So two

Michael Perito

think earlier pretty laid about get that And kind see then there the question. of we kind mix, out and it as of in that kind environments, least you there we're any assuming in noticeable guys mean, in XXXX, on balance And out, the thinking as of remixing you you as you be of or do the we I do margin obviously in other running about? and I should into getting hold but will mean, into piggybacks guys becoming I thoughts a commercial any runoff similar? the that, that, sheet as initial little do I take that's at of XXXX of you're the terms of year a the XXXX bit mean impact some see the bit moving reshuffling kind be that – probability But of will just be I'm think is still realized you here. the the a I stuff But But see kind quite today rate you where more of out in dynamics some targeting. of margin, the off? lending are

Dominic Canuso

it's Yes, balance today, it's to occurring and great the in first question. environment. a And is I rate just think see foremost, is interest this difficult sheet migration

So it rates, for period we rate of based NIM in leasing there, and see to that and relationship with the then the portfolio from marketplace. you'll would high that a that then C&I time, those of the or rising a continue accelerate some we as the single-digits, on as even well. see of we And focus have on environment yields double-digit low our with – growth particularly stable expansion spreads based from

Operator

of Our Zwick question & Scattergood. next Erik Boenning comes from

open. Your line is

Erik Zwick

that the today just month progress improvement past or talked you help to that approval growth three have where or you've over and vaccine – with could ago? any curious the previously? since seen drive maybe and two, And some loan outlook I on versus the If what pipeline sits starting gotten about the we've months may that support in distribution

Rodger Levenson

to do question? Sure, want that you handle Steve,

Steve Clark

sure Erik. Yes, hi

of like we pipeline two. average to weighted was XXX, It's XXX it where at we basis. average XX-day had forecast quarter So kind The and from close a what expect gotten that's on over that going up weighted million and period a a our a the fund is of commercial as back $XXX about pipeline, low or look ago. of quarter time as

we certainly So, activity. increased see

For us to in we're their that on at bigger managers have some of to bank some and it's the of impart joined new part really seeing market share disruption related opportunities, competitors. us relationship

So opportunities. it economic growth, related share to really to not related it's really is market

Erik Zwick

just the thinking there. are over then that terms more just I few some starting then larger customer size? that, has grown bank well? opportunities Thanks, moving as of appreciate as the industries particular past in color the about, up any are also and have And to that you driving presenting is years, And success

Rodger Levenson

there is the space. think no industry I C&I So specific in

We are land board. all generalists, residential multifamily we industries opportunities at In side, and and CRE and we space see the look in to the residential, vertical nice across development. continue

second the those segments be I active. And your question. apologize So to be forgot of half continue I to

Erik Zwick

of larger? now kind Just in and our terms moving up balance is success, you customer have that loan had of, size, size the sheet market

Rodger Levenson

us is not is don't us market privately to products that think market. revenues that going the $XXX that in really bank. with space up all so companies really our above of the our from deliver and give view as million, we We moving se, held really bank, best services across opportunity privately the held we're core companies, to ranging focused per commercial our up on $X million Yes, about business $X to million

Erik Zwick

transformation. switch a in terms then the little delivery to And of gears bit

any investment specific in? of looking you are targeted of that or there the invest for what systems to kind at are or businesses organizations lines products year? areas And look you particular As this XXXX, are

Dominic Canuso

And we've risk just this including These is facing office across as investment a delivery back and that, significant is few board, customer I everyone but initiative. said, Sure, this projects, – aren’t the modules, just thanks would Erik, Dominic. efficiency. transformation remind

is tying this and [indiscernible] customer and stack of specifically it's on-boarding intended tool, facing generation and across like types really and sales capabilities business. value some online, infrastructure ensure for Enhancements and across entire to to the market speed retail deal that technology for phone, across the So in investments, they're next branch the customers soft across CRM including year. our to all the even mute service and the support small our compatible these sales on implementation other into something provide bank and like board of the force CRM, organizations, a both

platforms So across forward. to a efficiency drive going it's and really significant growth investment really our all

Erik Zwick

then changing release. that press quality And kind asset of again commercial noted Dominic. just gears Thanks, the non-accrual million in and multifamily to that relationship the rate Any to what that manage point? I there $XX moved kind can that relationship plan total project is that kind this to is of was or the the you of one specific and provide specific at was

Steve Clark

this Erik, Steve again. is

student located loans, it relationship, is consisting properties particular that housing, million two section of a very that one relationship actually Philadelphia. of and $XX CRE desirable So in the total are multifamily

loans properties the XX% value underwritten currently to at originally loan the are So were occupied. and XX%

the with certainly we working are borrower expect we resolved favorably. and So, this be to situation

Erik Zwick

Thanks, me Steve. off. I'll and then last one And from drop one just

capital You good for into capital talked deploying there repurchases. a use and lot about share is feeling already a

increase prompt didn't would do to XXXX. or the 'XX common dividend that in the What potentially ahead? years You in you in

Dominic Canuso

Erik, this Dominic. Sure is

purposely we as equally Clearly, practice excess is of redeploy And core XXXX. incremental relationships years between that share those is So would and in XX% our earnings to and to split deployment restate long XXXX. maintain returning environment to first extent buyback routine leading the a then our coming that we through dividend of XX% earnings to capital share to as we've and then to our share given just price the and up buybacks, with moving returning share earnings positive the core core five to is we'd had the capital at that of love and to forward anticipate between price seen dividend. the a low of see out and unique regardless looking want repurchases. capital And this regard capacity we sustainable XXXX recently then of typically stated

Operator

Davidson. from comes question next Russell Gunther with Our

open. Your is line

Russell Gunther

follow-ups. few a have just I

double-digit management First, 'XX. you for colors the to wealth share conversation, income any that growth behind to would the guys to able Are fundamentals you that rate? regard support mentioned the with in fee

Rodger Levenson

Art, take to want you do that question?

Arthur Bacci

Russell. Sure. Good afternoon,

the Our this years. rush the January last institutional securitize continues of And the you to the a January that slower eight typically grown after tell for businesses I end now, at to right but is double-digit with fairly trust of potentially proposed active law rules and still openings in saw changes XX% there very year. end increase we tax changing out there active be and gifting at activity, and personal the the potentially month a can year, is account trust

bodes into the well was income year ended for well or quarter. that - at market with up third X% as advisory from So fee the year going in anyone for the XXXX, at high end we the as record of on the was AUM us side, the a

achievable. since got market, first and feel is on that and income just hopefully quarter then fee some in we've So on growth I double-digit the X% confident arrears, net you we add pretty client build based good inflows,

Russell Gunther

bit, what's million a driving the appreciate a this bit as targeted I think it's XXX run-off curious assumption? And I you of that, a heard a to switching the Dominic, color And I there. more is for if just that right, gears I recent clip, shrinkage so year. from say deceleration heard portfolio

Dominic Canuso

either some years of or refinanced and over mortgage the will off consistent reoccur. participation Sure, not loans last But that leveraged it as had few trends other portfolios run that portfolio. in I paid relatively be had think the categories, chunkier, larger off residential seen would the loans we've that

few somewhat portion portfolio we've market. it blended to think with a rate stands take significant So that's the what the Again, run we'd contingent will last than as a when mortgage lower I of years. upon, happen the residential you to seen in see today, like though

Russell Gunther

you guidance, realized to timing able magnitude And a contemplates net offs? of and that range share guys provision then sort within the losses and and charge are what of for

Arthur Bacci

GDP credit the detail are in what share lot still few a be can to is forecasts economic stable, to seen recovery is last the performance our slightly the quarters stable with you've we that I there that of to we continues say. in clearly regard unemployment And So seen improving. for play metrics, that relatively have pace major the level and don't we of think in what

So here ultimately, a either and is lost to PPP to go that's to And it. fully are pushing understand understood couple think we or stimulus out But the the I that. of government helping. what which quarters have content otherwise be mitigating extent to needs

Russell Gunther

We're was last in may then mentioned. question. at I a the remaining some themselves or plan perspective, believe is announce deployment, sidelines three a M&A to there that the depository currently we're are still strategic point that to capital the back be And from opportunities articulated year case the And depository that willing in one XXXX? would where deal present on WSFS

Rodger Levenson

that Yes, in Rodger, on Russell. is jump so this I'll

opportunity in Greater region we So, an just incredible our market growth we Bank the very this guys. It's unique number compete a as think said Philadelphia Delaware the big of size with locally times, and of strategic on this, what organic the only is to plan headquartered and focus being has is scale been position.

to focused with on the be terms really and away open consistent very something of be that, current additive pick objective for a would to and have from we our it opportunities. But up So things. turn other would our for organic plan our we growth that that heads market eyes position in strategic us are keep to

Russell Gunther

thanks for That's Dominic, my everybody it Understood, me. okay, taking Rodger, questions. great. for

Rodger Levenson

Thanks Russell.

Operator

Instructions] you. [Operator Thank

Brody comes from of Stephens next Our Inc. question Preston

open. Your line is

Brody Preston

Connect. and businesses, I on back just of Cash the to couple Dominic, a income fee on want just circle

the unit the trends just ATMs, found that net pretty side XQ now terms revenue thinking in be about rates a in the terms flattish trajectory we safe in of the smart But interest How revenue business. business there good that should especially bottom? relatively the You in from of XQ. XXXX, and of to growth definitely all done job the growth of particularly on

Rodger Levenson

good question. Sure,

bank. opportunity, So, and and of yes, with see rates smart though Year-over-year we're in bring reconciliation which we service. returns particularly COVID continue the interest lower the an products, top continue division safe higher regard total to and line cash the will and to yielding have of our particular, the impacts units growth to to somewhat impact. outsized clearly In seeing

will be net a some So managed in business. lot the scalability there of revenues, expense muted in and our also base that is of year-over-year but growth made being in the improvements

net will of the year-over-year see impact see do the consistent and growth particular, line environment again, because continued to year revenue So XXXX. we to rate interest revenues in and ROAs see necessarily of growth with anticipate while meaningful full bottom COVID fee

Brody Preston

Salvatore wealth appreciate earlier side that. for And of business, And And growth you Thank some wanted there. you the in I on of ask the of hires the the just to then I Okay. one made as about strong continued to guidance. the coming obviously part speed continuing from some he his is to part his over growth gotten the as guide or double-digit and build of of business ad, him summer, over for bring your old it PNC, of up book?

Rodger Levenson

and want as start can just you tremendous his do well. in there think to share onboarding what you and with maybe thoughts with future, so you I Steve, a the Art see is overlap

Steve Clark

Yes.

career of business the but bank, the ran Sal after to Patti, in relates us competitor so in banking his XX space. and was or those lending, he of years And prior, that, a commercial last joined three August the all or he wealth it of last for he that so as So prior years, bank, to commercial year. really at

been foot is activity don't focused that but want wealth, I and kind his may far opportunities. so of in Art, for don't while has commercial And speak to on believe both really in by wealth production Sal, So has generated be I a activity commercial forecast. any his he

Arthur Bacci

Sal. work do benefit the team do there'll We wealth Sal, some closely from Art. I is think be this Brody, to with

a them nice the going private the very nice into generated the commercial the think the to and like their it's strong talent And teamwork talking of the of spent and to the some has great being go the opportunity pipeline the of And But and to think the continue conversations. wealth. is and offering going and probably things portion restart year for RM together I'm coordination a coming that's in able for with in XXXX. amount of and with And I both a really think really business us. well passed, just it's quarter fourth has commercial communication, with a the bankers we clients end good to advisors we will those that's opportunity to between and I coming be personally, we seeing invest commercial and team. wealth the I one general, have to for

Brody Preston

that you for fee necessarily of of deal highlights ability the the have part thank guess you mortgage. have beneficial was beneficial was income some items didn't Okay, I line - of that to the the then And of and the cross-sell that. that one

than maybe to is greater a and others have more environment Now, great market there the into have penetrate a help you customer still that wanted maybe ability were more low rate had But obviously, there through? little beneficial and that sort of and of helped penetrate to beneficial XXXX you ask, to bit cross-sell chop pull year there. guess, you And peers I able guess degree to out the some I in wood to do? I where base Or customers? better your could mortgage a

Dominic Canuso

did them Sure, Philadelphia to Brody, legacy and opportunity is New Delaware. combination beneficial, across this Yes, Greater Dominic. who to footprint in beneficial markets in South both ad a customers, tremendous our cross-selling ahead is products that or those only Jersey, to existing the and there expanded Jersey, Pennsylvania not and not have Southeastern but due from

With challenging, volume cards, banking, hit overall disruptive in that We had service. And that see whether our made the an the interest think opportunity in I a still one month the and opportunity, XXXX the of was an we the when conversion. bit XXXX year customer We're what of et you to in loans closed if of private originations and We in cetera, XXXX that. saw opportunities, rate COVID while six still SBA, a in tremendous anniversary capabilities very example business, and combination the and significant small and so investments take the was was staffing we of focused those recall, advantage its of and prepared exist. that close were right anniversary growth both and ahead. in opportunities credit significant was environment mortgage business, on

that did from not is so executing focused disrupt if big what quarters what very on far anticipated business strategies. of than COVID cases those were And couple we we've if the for So opportunities or learned anything, But and we on are a ahead here. as bigger combination. the

Arthur Bacci

really Dominic, shutdown well, half but impacted that XXXX in COVID seen email. the branch the the this do relationships to start clearly the to opened really were outreach may. continue with I saw of second able double the Investment or beneficial if the restricting beneficial of in. grew at We is the with the benefit the as the access into that, to being to well work in branches we branches branches of of And we Art as the up branches with and end digits, AUM added four advisors anticipation year that with kick Group, we've of the

to we So continue momentum I'm really that, XXXX. hopeful that

Brody Preston

securities balances wanted does for moving some - is growth, seems last then to excess got you further And be covered the less forward? excess in get or you if to the deploy, drag sense one margin obviously but loan so that it you for happened earmarked But of the quarter liquidity guidance XXXX just into for sorry, I'm fourth this a what liquidity it for the And the for liquidity for the be plan already. to of in then expectation Dominic, better imply a what should quarter? me, into

Dominic Canuso

see this even do leverage to a in we the that XXXX, increased excess and of manner. liquidity our XX% portfolio to and continued appropriate opportunities and disciplined year-over-year, in yes Sure, size we'd investment about

it to where perspective. put NIM an customer and on of but pressure pace put those would that's would incremental the and the deploy And with that be work of deposits would round rate, accretive clearly obviously spending So deposits. recovery, earnings on the we second behaviors it result from PPP

Operator

further for to Levenson over the Rodger you. turn call back time. this Thank I showing will at I’m questions no any closing remarks.

Rodger Levenson

say I connecting call coming and with to us be for thanks in everybody everybody. and you of will out just virtually today. on would Thanks, time. many the on at the look forward for joining weeks Dominic like road the that to I

Operator

great and participating, day. may conclude all does this conference. you a today’s Ladies gentlemen, Thank for you. disconnect. Thank you Have

WSFS Financial (WSFS) 26 Jan 212020 Q4 Earnings call transcript