WSFS - Earnings call transcript Q3 2021 | WSFS Financial Corporation

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Operator

Good day and thank you for standing by./ Welcome to WSFS Financial Corporation third quarter 2021 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, this conference call is being recorded. to Officer. call like Canuso, to now Financial Chief would turn over the Dominic I ahead. go Please

Dominic Canuso

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

harbor like begin with the to remarks read statement. would safe I Before quarter, our on I

will forward-looking today and our materially Securities view indicated factors results joining limited XX-Q, Form periodically discussion report to those subject Good the about and harbor Our include and statement. most annual on for and our as file due thank Exchange management's in afternoon documents during call. everyone statements or differ risks the on Form of safe not information call to and plans with indicated uncertainties, expectations, made Commission. other well XX-K reports the prospects may recent comments forward-looking but by today's from results we risk our statements. you quarterly on us future the historical that these constitute Actual to our as are All including

sentiments our fee-based million, and and strength pipeline, half fall Highlighted by the $X.X lower $XX.X call corporate original the related commercial third diversified our the marketplace. per our company's rebound release with and a quarter a across primarily assets. customers, model website. was from with investor summer and the had year, results, a to trends. share was our a presentation, positive core can growth Local near and earnings We model into in deposit businesses portfolio core continued Investor liquidity on consistent slide of X.XX% investor economic net from BMT our including in million percentage income of positive refer section levels, our credit as presentation, than influence performance, activity term net throughout our our bolstered costs the have the income continues significant our on return and our today's will first strategic on combination treasury to our $X.XX our four development very of footprint, assets impacts strength loan Our on driven solid driven earnings be net which across and to business line position PPNR and in Excess in the diluting deal loan to continued growth, expectations. on we Relations found in of of another ROA. growth by quarter, NIM, investment Reported

purposeful from back $XX almost is excluding transformation from commercial loan those the pre-pandemic originations and As on of generation RM hires. full additional opportunities five, seen quarter, and loans runoff This million net seen million. relatively as on slide when another in growth had quarter near consistent slide portfolios, strong PPP was We down six. the growth with of And new our levels levels. XQ, loan recovering prior an grow year strategic our we delivery nicely in the our fully should from and continuing before investment that were lows benefits to Beneficial, $XXX

for the digital our lending in as with payoff our elevated new construction held in sale However heightened portfolio resi quarter. a existing Consumer grew loans launched annualized in this with in remain commercial powered we commercial by Upstart. consumer loan product reduction payoff environment, the along and X% in quarter mortgages,

or almost grew XX% growth XX% million funded business business the are consumer or deposit from $XXX deposits onset and growth. PPP million at is low-cost over Customer for $X.X basis our lending relationship-based of billion management. at model loans. providing wealth of XX seasonal accounts. is the XXXX now public base up to the diversity liquidity This points and Our very positive EQ, response in to commercial, a now are pandemic. billion customers' March and and cred.ai excess deposits total partnerships and deposit from low Customer municipal with up $X.X our quarter in Total of the outcome and from significant costs LendKey, strong capacity Upstart our including $XX deposit our year-over-year for another loan XX%, XX% ratio deposit Spring future small needs, coming now our the in from at loan account

have In XX% this funding from over quarters down basis use investments These reduces portfolio our high to securities which comprised and investment strategy. these is investment investment additional are of $X.X of by treasury XXXX XX billion consistent the six basis past net billion wholesale points. beginning the currently to the the of liquidity impacts of doubling liquidity XX% excess good We margin by incremental over points paying of at XX% overall quarter, interest of assets. including portfolio quality, XX excess assets with our or investment, time by ROA $X.X the marketable, put grade of our over and

approximately asset down mix slide some income, we margin We and low interest on of to which purchase XXXX loan runs accretion interest assets, liquidity. come XX% down down impact of more the the basis as X.XX%, anticipate XX the Net to quarter, accounting from detailed and five points basis in margin cash and of six, includes which the well from by bring flows both are of blend points the excess consumed offset liquidity a net basis the PPP is will repurchases the down as post on investment from anticipate there that negative is portfolio expect mid investment than excess by from by for. XX in pressure of excess into positioned impact points XQ basis point additional XX percentage beginning liquidity the and We BMT. to XXs portfolio the growth

excess PPP basis two underlying quarter. Excluding prior points liquidity, and increased NIM PAA, over

and Third interest healthy fee the rate lower strength and especially again XX% was Core when of in a quarter fee revenue this revenue excluding total fee of our environment. products services, demonstrated diversity PPP and supported in revenue These year-over-year XX% lower growth wealth offset Cash XXXX. the management consumer highs banking by year-over-year growth Connect. as market fees from mortgage by were in and from record XX% refi slowed

down credit the And As peaks delinquencies quarter in following XX, assets to down seen slide to million Combined assets were outlook, the XXXX. and is the economic from or favorably $XXX million $XX Criticized in declined $XXX million in continued continue XXXX. of from peaks. portfolios. X.XX% nine down including positive estimated which assets, credit to $XX.X of with X.XX% trend the from peak on when the to overall acquired the ACL $XXX.X were million of XX% quality X.XX% and late marks remaining X.XX% million late or

a and significant earnings and have bank into capital of combination of CETX capital generate ratio with to heading continue through the XX.XX%. We BMT strong with TCE position X.XX% a

Directors repurchases the quarterly share no shares cash of $X.XX of paused per quarter close a BMT in we the approved Board dividend were have transaction. of common as the until of Our purchased stock and

our strategic excited our future with unique, upcoming along with position We national of combination the about prospects, the fee-based and are strength and in competitive businesses, our BMT. our markets, optimistic given

regulator, transaction. Regarding OCC, BMT, on July approved primary the XX, our the

we Reserve WSFS and at approval for we in Washington, your regulatory for transaction await XXXX. from and Thank preparing will BMT engaged and happy to to diligently close work early Federal our the As you a and highly of teams the planned bank continue quick take conversion the final together integration questions. be

Operator

[Operator Instructions].

line of the ahead. Perito, question Your Michael Please go from first comes KBW.

Michael Perito

my guys. afternoon. Hi Thanks Good questions. for taking

Dominic Canuso

Michael. Hi

Michael Perito

should A little and uncertain, pretty the on growth. I good I but mean few guess just is of on run when its And to think the runoffs when course. a and of going to first, hit start things loan the you you I do is, do wanted the paydowns simple it's line sight realize environment planned I kind with question just have that to be further any assume bit Bryn out a if color you thinking Are you the guys that of of to than you complicated. to it it little Just realize side growth more net could Mawr around like close, that? can that will do get Or year? return origination curious think might posture? offer realistic push next I middle that? a we post

Steve Clark

this a Clark Michael, speaking. is Steve

are our side really fundings in we business, definitely our really we seeing production activity side, quarter. opportunities following we coming September, increased feel So second since strong of with production mentioned, Dominic actually, are a quarter really pleased the the way. And the more as third

about feel production good pipeline weighted million. our XX-day is $XXX So commercial pipeline forecast. The and about we

the we control on is at payoff look $XX that the be have strategic generating, that Finance production I of small partnerships fourth our What of NewLane really side you We another along is million. business cannot we side. the combination there. and what with quarter mean the will feel consumer

So question advantage really area. Philly is really think market to But our hard to we take we the of Greater answer. well here are position positioned in your current

Dominic Canuso

And Michael, Dominic. is this

from the at to lending add we that to as the pretty portfolios. mentioned to run was your point. really Just And its commercial that, of much acquired pertaining runoff Beneficial course had this around of that all question quarter has non-relationship-based this that we last

from its mortgage, net really So impact that. residential the we a based further the runoff impacts really average don't the resi life mortgage. on from and What's tenure is anticipate remaining will which

the in the never that over of mentioned, opportunity On COVID we transformation we net the growth opportunity, both as delivery of Beneficial Steve and as discussed from lots of investments took full last successful integration commercial hires on side, loan BMT the opportunities years. upcoming because really

partnerships third out with the of including our along we strategic see the launched on side, that just continued in in we product NewLane with leasing Upstart round business. the products additions So opportunities consumer quarter, and

customers platforms, So our across in anticipate from growth our see the and that future. of lead all net of and to activity we positivity lots to

Michael Perito

named, has my to until to next with grow be the that the it is guys three the overly requires you quarters, and buyback contributors But And question like to the authorization that it to post reason Helpful. there fair net assume that will think assuming capital robust phrase that that the seems I Obviously, that growth portfolio very deploy and two isn't to capital? are the is Bryn leading excess as is questions strong the all that two core historically been is used one, the right. just reasonable. guiding guys expectation for deployment you that or Mawr, the to

Dominic Canuso

Great Yes. question.

said, have we capital. share program we As have significant and generating repurchase we are our paused

with have going We of amount combination. are the that the into pleased capital we

reengage we inorganic opportunities with and side share be have opportunities have of the the believe our to in remaining at we organic still we we the very the historically, organic look look capital investment done after and loan excess As at and will repurchases liquidity, when strong economic book. we for close environment, a the position that on

Michael Perito

me, then them the approval. waiting we I had their that of just for the a closing to saw the Board mean merger give And Helpful. bank pushed one I Fed from date think back Governors last they final for

You pushed back for as there guys curious, that QX or expected. just or insight any that approval? of color But you are is wait was final still get concern close that that kind if indicated could

Rodger Levenson

outlined that Michael. the We approval are OCC your as answer fourth pleased no. we the we said Dominic's question mid-July. Rodger. It's comments, received in quarter. Hi to And is in short And we early

vote information evaluating. that sure is the we seen, others that the to that point. provided you the they are Fed application you have on relates understand of at I in process as approval, our am it we As to some there Fed all need But the have

just they going So through their are process.

I together importantly well. the And are we once have is, thing and come are teams We the to that. integration going think of The really, we ready most receive is important immediately that respectful close really well.

speed ahead in happen early the and and to continue conversion full for direction. XXXX moving that move to planning are We in

Michael Perito

insights. Perfect. Thank questions. guys for it. appreciate That's really you I helpful taking my

Dominic Canuso

Thank Mike.

Operator

Boenning comes go & line with Erik Scattergood. question of Please Your ahead. the Zwick from next

Erik Zwick

afternoon guys. Good Hi.

Dominic Canuso

Hi Erik

Erik Zwick

a seeing in at the I bit your think well there growth Just added on commercial I some in of you loan types pipeline more the if industries pipeline, some expected a Steve terms could little you sheet add mentioned the strength Dominic, some just to that comments you wonder the as seeing good to for you that that you in growth commentary onto in there. maybe theme second. the yields the bring and supporting of maybe color as are growth average are point? balance stick

Steve Clark

Yes.

our existing side, of C&I. on So, of million is pipeline commercial that about the $XXX

CRE. in pleased see $XX about really the are versus So we million that to

So a know, specific be spectrum our with where C&I across industry. focus we as seeing broad you and strategic no that's are continues to really

the and still but in the underwritten sold are really many agreements side, development, the multi-family in seeing all opportunities national work, residential builders. some On takedown CRE with we A&D units, space around

kind are are two seeing. sectors that hose the So of we

On yield during of versus yield funded quarter for and payoffs loans originated had X.XX%. of in only new kind the a side the the quarter, the of about quarter X.XX%

me important have year-to-date, been about those funding X.XX%. it's to think yields I new

So mid-threes are targeting payoffs you of actually higher, we have year-to-date versus X.XX%. expect that as would been

Rodger Levenson

So Erik, And a the additional couple some on this points loan add just reinforce outlook. growth is to and Rodger. into of maybe color

that pull combination relationship-based and the to very team very focus while the that So all on their to over BMT. as with Steve you were were strategy have consistent levers on fortunate we to and of both Offers we are with come Dominic growth region, about us. heard loan with from this lending side that our optimistic staying multiple made

just from there that I I think we positive for the lot XX anniversary good in reminder, were balance as I momentum brought have over, just crossing and year those sheet those teams a folks. quarter. integration with this as bigger product growth of think well then a on mentioned, of And many set, a is and one lenders having robust the more planning bodes the them and

their growing. is business And and so building

And all will growth contribute help of going loan forward. to so I that think to the

Erik Zwick

any the color provide can just detail credit you of I size, great, expect for terms growth with partnership, you outlook new to going forward? there. That's Upstart risk kind the what appreciate in average loan of profile And regard and the really

Dominic Canuso

Yes, sure.

a so Average we double XX%. the are as $XX,XXX. consolidation, about So primarily yields of loan obviously to is it's product as unsecured in digits, seen and more a in the have This early the stages. XX% debt is low

the our relationship across is into system and beyond build scoring the footprint, this further deposits, relationships our all and and opportunity applying strategy, the within of mortgage All approach with utilizing proprietary AI deepening underwriting Upstart's into loan WSFS. to

Erik Zwick

your And maybe the as again. the just remaining have Dominic. fees Thanks for well the one maybe one expectation as remaining me, you you for for PPP timing? for last loans, Do forgiveness

Dominic Canuso

Yes.

going point begin be could of all but quarter-end XX time, in in almost At accrue PPP they remaining get maybe interest, at around $X anticipate million fees to loans, we So loans. as forward. fourth from will forgiven the process or be the $XX be going quarter to million in that will $the forgiven forward and the million to of unaccretive one forgiving. stays ultimately impact there this The and doesn't nominal basis point beginning

Erik Zwick

you. today. me all Thank for questions. my Thanks That's for all Okay. taking

Dominic Canuso

Erik. Thanks

Rodger Levenson

Erik Thanks

Operator

Russell next ahead. Your with comes D.A. Please Gunther the from go of line question Davidson.

Russell Gunther

guys. afternoon Good Hi.

Dominic Canuso

Hi Russell.

Russell Gunther

once will Beneficial tracks Bryn is to the closed? pieces. remind done, there be wanted the ask. portfolios either moving always commercial almost I add as five transaction runoff or the growth have that loan appreciated any Could I slide you resi the runoff us, to is commercial Mawr

Dominic Canuso

runoff Yes, and versus added be C&I very not $XXX nominal be probably and is range. as million resi this we will some sell. in our on to to $XX so million BMT amounts to population pockets, hold assets originate strategy, non-relationship-based would that there There originate believe continues Sure. of mortgage that or additional small

Russell Gunther

RM then you Got Okay. And Dominic. guys strategic commented hires. Thanks about it.

year one anniversary. just the Rodger think mentioned XX I crossed

are additional and kind could across planned you portfolio terms If the these quarter of contributions geographies talk in and the in additions? any of where adds to any from loan guys coming

Rodger Levenson

just I we impact some businesses here year think little many about the positive of geography. clear, we been have bit really want all just So longer. the again. this anniversary, XX, I point, XX Russell, seeing but of and those to hired But this what's are were broader our it's is, one a crossing all Rodger make our of

only reason feel have have we is we we of a bar that they pretty a used way in like the they -- our we some suburbs are customers inquiries, to through own you, But the don't particularly we of going serve. of of the RMs business city of going in in the Jersey in in receive that serve they at feel and a for we lot ability relationship-driven our people And to So folks tell their banks some people can I a clearly their our bring South investment and in receive added that are hired significant of business and high. also have. already banking We larger a Philadelphia western to to lot or continue are that continue consistent have bring to that changes C&I group. book would over inbound are with either because model private working from

conversations. and talk would continue slide and to have business another So forward. I continue we this in that But quarter recent we a We that you to folks those moving we have. commercial outlines to will the added is one tell there there

wouldn't significant in beat right have unique Post-BMT, came street now region the this very about. the would we some and to add really about expect unless have I that team you significant and book. the forward grow going have good that a opportunity just see the we loan to that we opportunity on feel We

Russell Gunther

the Rodger. then question. growth just loan a And Thank color, final you. I appreciate

your think those the from could digital total You what guys aggregate partnerships. about million up consumer mentioned kind going be rate loans growth frame Could partnerships $XXX from you forward? you

Dominic Canuso

the to to anticipate grow continue opportunity We Yes. those. do

and function a we January. relationships quarter product But partners. our tremendous build and Obviously, those see in lending. XXXX yet, EQ the see incremental market. fourth plan relationships assumptions those We opportunity opportunity from growth of the see Spring we the net is population build we necessarily Upstart with through to to to will communicated continue there. which results the some do haven't along LendKey, to with of to that mortgage then a student But function

Russell Gunther

to Rodger, stick Okay. Dominic. with And of the Mawr. early final next conversion you expectations question. Bryn of Great. Thanks mentioned kind then just year

I then in timing that realized as cost cost a could still out franchise So the want just of follow-up, where saves shake color are and guys make of run magnitude Thank and rate expense up you. you comfortable with And to you as terms framing are savings continues? there? provide investment any sure can

Dominic Canuso

Dominic. is This the start Sure. on I saves. will cost

integration the we the that and have and with by the followed the expectation the as primarily the of of the really staff those the technology really consolidations the closures and to saves branch close starts occur combination's with of by XXXX, expectations, part some year As we that cost that communicated conversion throughout of phasing of of modeling off that would And bank the anticipated saves. ultimately end full impact year XXX% as part are and savings saves. those in such we the combination hitting cost will

Rodger Levenson

I really, the know for as these to terms to gone would the is. including addition the have Beneficial, And with Russ, together just bit Mawr going the better we on have said, on in months I on combinations, in through been a eight that working than over have And has which larger we really a planning regulatory Bryn well is teams this. that for add now actually you size of what as little we playbook timing is, that, approval playbook as gotten you what's and confidence have with

feel about So sitting here good timeline. that we today,

Russell Gunther

you Thank questions. my both taking for

Dominic Canuso

Thank you.

Operator

Preston of Please the with Stephens line Inc. from Brody go next question ahead. Your comes

Brody Preston

Hi. Good afternoon everyone.

Dominic Canuso

Hi Brody.

Brody Preston

the the wanted just the guidance, year. I to Dominic, negative on million $XX $XXX million to provision ask negative on

negative at million year-to-date, loan all So loss are provision. on $XXX the you

you seem quarter basis just of think adjust you would provision that bips one the ex-PPP the Mawr, positive reserve. guidance provision an that to you above kind here? from which so the XX on your of fourth CECL a guidance Why return positive is kind to day Bryn see you that still would indicating And or given here, imply so would excluding a in

Dominic Canuso

out our year XX take mid-year update slide presented out part transparent are in question. full we around running favorably the and for third the communicated. didn't communicating we the of on core on are have provision deck is quarter. the that and The we so that that as what given we XXXX thanks just outlook to And that year we of expectations release Sure. Clearly, want we had really ahead full that of the laid had

at criticized to behaviors expect growth CECL reserves XXX would the point I that in that reduction with there basis ever way adjust trends. that loans where one we recent model is classified reserves. the that, loan get But we that would ultimately are and would to anticipate we back release But the think be It's we mark. incorporating works future additional with net unlikely are in given could the as day if the and opportunity the correspond build continued there growth rate. most

Brody Preston

it. Got

you or those couple so. last XX of what months the percentage, for you And the wanted on over ask are kind portfolios. to I the before the have those the deck down years? think understand of clarification. just hotel about I see in Okay. a we Thank loans, on just criticized deeper criticized normalization of do that the the to over select rate and normalize just need the next kind parts outlined foodservices, as areas of But that challenged

Steve Clark

is Steve this again, So, Brody.

just need the we and occupancy think see side, ADR. I to On improvement hotel continued in

of many the about at side fact Our and of book. leisure XXXX think, criticized performance in It's is hotel XX% on business, cases that really around peaked XX% those performance that see we now. of to the book leisure the strong I continue of to significantly. Jersey And XX% beaches, in has and the down book, properties in the that Shore that Delaware exceeded really,

to and is in to market of of continued coming market, improved data Certainly improvements ADR. data out Primarily not customer see need XXXX. the in do own or improvement Philadelphia and we the XXXX kind sect. from we what of our XXXX. back I business occupancy think But see out

if we that are waiting just see continues. to So

to businesses. need money. in I and there spent so stimulus of sitting are businesses on we stimulus do significant think many we companies much that those On I see, think these perform. And to those still how need really the foodservice see side, is then

So to a such, and wait perform pay. and but by looking see our little and as all see, businesses those stats, can at credit delinquency of you bit continue

Rodger Levenson

the a business and Probably sure had I the in hotel And on we is, related if travel. And going hotel you there continue. especially one significant did with was we recovery relationship the of of am dollar sector the monitoring actively. loans on that Yes. very north that we felt you would saw release, didn't other cash say, sell have to are add would monitor $X.XX might where and we decided portfolios, situation NPA I a the relationship the based very in those we to the very hotel. actively borrower, these concentrated global continue the that relatively the been the sold to on them And future, of we will because seen had flow just thing for a that the felt to two now, space we sell classified two a likelihood in nature that particular while which borrower, was portfolio for weak loans. I asset all of in that

Brody Preston

what did those my Thank you Rodger you sales for question answered and that. see on note garnered. I that,

personnel armored in services. in appreciate you made Connect, carrier I So you I the also out all Cash some in that. noted called investments

purposes? growth for that reason? for was those successful investments business, other any done growth it the were Or of Given

Dominic Canuso

timing, primarily with consistent strategy it's the No, our with business.

the of somewhat along operating continue of growth the with strong business positive third for line leverage day, opportunities. look the and bottom it's business timing to to And of from strategy and and to anticipate in continue a going with revenue But ROAs top at technology, create end play invest the quarter. back in the transformation just overall delivery forward. We office that efficiencies consistent

Brody Preston

digital and I just all strategy I you channel see the on it. I pretty been consistently the am Got process that around slide of more. and adoption branch thought my and what I a look couple doing. had two-thirds simple in you hovering transactions guy a had are at so

simple branches here kind year? why branch kind you of you as close if rationalization your And evaluate transactions down guess couldn't the at down the XXXX the just of so are third should some we the would I coming be, a end Or plan of larger third? question the expect of pike a

Dominic Canuso

point So in would very which be really the smaller we locations. we us And significant organizations Mawr just we a when incorporated that know, pieces. It process will we say foot had the made at Brody, footprint more. as were it announced we Mawr. announcement that retail but in as two likely a we as the hark did the will not to that And just just continues the those we gave to Bryn to performance coming traffic that of to and back I combined of it's together. at all metrics geographic overlap, going that, part of do opportunity take locations speak. But of you Bryn continue evaluate look reduction of and

WSFS be first said to once of phase the net, legacy So a just would totals we that. through we got starting as point, net, back we

locations we something it's XX. can have the a we And that XX that by those pieces. transformation the to we impacted make over those delivery smaller at with richer We but sure pieces, rollout combination. go would closures products at we are constantly said to investments before back we it's feel have also brought look of us. help over customers in the some that So our of interaction something digital in there just and Mawr we But evaluate. to a likely would Bryn then around get from XX we

Dominic Canuso

just probably would I add.

Rodger Levenson

Go ahead.

Dominic Canuso

has of much as adoption transactions the To sales model evaluate are the expectation of of in primary centers. the part shifts these only technology, But not branches performance through clearly our been branch. branch as the is as that count,

Our wealth there. folks business have

small these offices business utilize Our for sales.

as the So take we transaction we of which they the and are are they much as in that's center consolidations. when view sales evaluate center part as

Brody Preston

share would be, one has for the specific success doing what to Is every one is the wealth greater I matter guess stories trust both ask, for you take there my for all bankruptcy you to the of growth all there market you market gains last that Thank that share I for so driving of all and the been that is enabling Mawr Bryn to that of Great. you .And you the are are on real detail. the side and platform seeing the wanted quarter? And anything what business?

Art Bacci

the appreciate I Art. comment. is This Brody. Hi,

probably We Clearly have on on some activity opened side didn't to doors trust development before. seen have there, just we there's attributed that have less in we going bankruptcy. very on the strong new people have I the brought not growth some business side, corporate much the but on up had

So relationships being formed. there's new

year living We X% and where to noted, marketplace is just still interesting, partnerships a putting Intain from the X% have And continue about do to market to we are that we now a growth, environment inflow. like when market as ago to and able Portford about resonating product you are went the I the share structured remains And an reporting see some the where services very securitization going and company all well. market in package this that really we And, think automate some do. good strong. the year also together right the we in technology we with of to really implement are firms formed think up, that some has a trust some interesting we I

Brody Preston

you you all question. Thank to questions my taking my appreciate I for answering you, guys. Great.

Dominic Canuso

you. Thank

Rodger Levenson

Brody. Thanks,

Operator

Instructions]. [Operator

comes question Bishop next the go of Research. Please ahead. from Your Seaport with line David

David Bishop

Yes. Thank Good you. afternoon gentlemen.

Dominic Canuso

David. Hi

David Bishop

But think maybe just questions time earlier, heard or this line last usage, I curious wondering, quarter my versus this been don't commercial have quarter Most of the was I that but where same was answered. last and I asked year?

Steve Clark

Yes.

again. Steve David, So

actually So went commercial the in rate down quarter, utilization the for lines to XX.X%.

So of don't utilization prior year was that from balances quarter-to-quarter, or tell to but quarter quarter back. outstanding XX.X% the from was this $XX XX.X% down of on paid and compared paid being that's have lines and $XXX can year-over-year I end balances represents rate million a about you the million that about commercial I back. XXXX,

Rodger Levenson

Rodger. it's Yes. David,

of operating, mid-XXs consistently utilization kind various we is historically, look we if think mid-XX% where pre-pandemic, I pretty cycles. throughout were

where that things towards be would back the economy. an moving in stand of indication So

David Bishop

of a million this That's I it. $XXX you How but said just of loans, segments. color. consumer getting? you know the the I see That's it how was Thanks. you of the if ask to in much Got partnerships so big, don't as growth maybe way, And it but big thought look, not you way loans. another I lending might had. all at good of percentage Maybe think terms as curious

Rodger Levenson

to nice loans mortgage mix have around I time. as We consumer XX% balance consumer XX% the So going would sheet, over. to a add just takes little resi modest said, commercial loans, get on a while loans. commercial significant there, a Dominic loans like over the around to particularly coming us Bryn They portfolio. just would Mawr broadly It's with for and as

partnerships get we So too. that how you of to about over sort kind we about But if would to the, think also be of want wanted time, where think phase and relationship are things from would we acquisition loan we here of Dominic new great think just from totals, as a these not but customer strategy. has a promise with entering said, some that

think I we as this watch something so to have we will And grow. will be

David Bishop

you. Thank Great.

Operator

the line comes ahead. question & Erik Boenning from next Scattergood. Zwick with go of Please Your

Erik Zwick

Hi.

Just missed discussion a for follow-up if apologies me quick I the and earlier.

at forward? net core bottom a Is putting to maybe the liquidity about some infer Dominic, X.XX% margin today Looking at X.XX% of your interest comments into the expansion see the XQ securities we could investment right margin for then and the going work in portfolio. it to and core some that

Dominic Canuso

along NewLane that looking and yield there Yes, down point, some where and nice that should flowing XX the of commercial, points to the liquidity, the from of NIM the down closer with portfolio. continue excess drag net basis beginning to the of mentioned as consumes until year. really then runs that Upstart to growth is loan expand my relative excess have the this pipeline remain And core or really those That portfolio. which think anticipate to come at to perspective off growth really comments, the between comes and from that's from I the to back in liquidity products the We next I it here. by We yields expect. think will from do just in fair area cash mix a

Erik Zwick

Dominic. all from Thanks That's me.

Operator

will call session turn to now the back question-and-answer today. final Canuso the I for over concludes Dominic comments. that for And

Dominic Canuso

and attending investor all be you conferences will then. of good today. for again look I attending and quarter and Thank many weekend. a with Rodger the Have fourth events Thank during to forward you. meeting you

Rodger Levenson

you. Thank

Steve Clark

you. Thank

Operator

call. for you conference today's participating. Thank concludes This

disconnect. may You now

WSFS Financial (WSFS) 22 Oct 212021 Q3 Earnings call transcript