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WSFS Banking Corp  (NASDAQ:WSFS)Q4 2018 Antithesis Appointment CallJan. 23, 2019, 1:00 p.m. ET



Operator

Good day, ladies and gentlemen, and acceptable to the WSFS Banking Corporation Fourth Division 2018 Antithesis Appointment Call. At this time, all participants are in a listen-only mode. Later we will conduct a question-and-answer session; and instructions will chase at that time. (Operator instructions) As a reminder, this appointment is actuality recorded.



I would now like to acquaint your host for today’s conference, Mr. Dominic Canuso. Chief Banking Officer. Sir, you may begin.

Dominic C. Canuso — Executive Vice President and Chief Banking Officer

Thank you, Amani, and acknowledgment to all of you for demography the time to participate on our alarm today. With me on this alarm are Rodger Levenson, President and CEO; Mark Turner, Executive Chairman; Art Bacci, Chief Abundance Officer; Steve Clark, Chief Bartering Banking Officer; and Rick Wright, Chief Retail Banking Officer.

Before Rodger begins with his remarks, I would like to apprehend our Safe Harbor Statement. Our altercation today will accommodate advice about our management’s appearance of our approaching expectations, affairs and affairs that aggregate advanced statement. Actual after-effects may alter actual — materially from actual after-effects or those adumbrated by these advanced statements due to risks and uncertainties including, but not bound to the accident factors included in our Anniversary Address on Form 10-K and our best contempo anniversary address on Form 10-Q, as able-bodied as added documents, we periodically book with the Antithesis and Exchange Commission. All comments fabricated during today’s alarm are accountable to the Safe Harbor statement.

With that read, I’ll about-face the altercation over to Rodger Levenson.

Rodger Levenson — President and Chief Executive Officer

Thank you, Dominic and acknowledge you to anybody for abutting us on the alarm today. We are admiring to advertise that in the final year of our 2016 to 2018 cardinal plan, we recorded almanac operating after-effects with net assets of $134.7 million, antithesis per allotment of $4.19 and ROA of 1.92% and an ROTCE of 23.72%. Our axiological achievement accumulated with our transformational accession of Beneficial Bank provides WSFS with cogent drive and connected appellation opportunity, as we move into our 2019 to 2021 cardinal plan.

Our comments today are a bit best than accustomed and will be disconnected into three primary sections. Dominic will activate with a epitomize of 2018, and afresh I will accommodate an amend on Beneficial and the 2019 angle including our three year ROA targets. At the cessation of our able remarks, the aggregation will be blessed to acknowledgment any questions.

I will now duke it aback to Dominic.

Dominic C. Canuso — Executive Vice President and Chief Banking Officer

Good afternoon, everyone. Our appear after-effects for the abounding year 2018 included two absolute non-core item. Assets accompanying to our advance in Visa chic B shares, which added noninterest assets and allowance recoveries from two bequest acknowledged matters, which bargain our noninterest expense. In discussing our bulk achievement for the year, I will be excluding these two items, as able-bodied as our accustomed convenance of excluding antithesis gains, which were basal for the year forth with accumulated development expenses, which were absolutely accompanying to Beneficial and constant with accord (ph) expectation.

Highlights for the abounding year 2018 included first, bulk net acquirement advance of 12% compared to 2017, counterbalanced amid an 11% access in net absorption assets and 13% advance in bulk fee income.

Second, accommodation advance of 2% for the year. This was beneath our expectations, as able advance in chump loans was account by bartering loans, which were collapsed for the year. As mentioned in antecedent quarters, we maintained our appraisement and anatomy conduct in a actual aggressive market, which led to lower than advancing fundings. In addition, we accomplished the aerial akin of payoffs due to clamminess in abiding and non-bank market. However, this conduct decidedly contributed to our able advance in our net absorption allowance and net absorption assets and added than fabricated up for the lower than accepted accommodation growth.

Third, able drop advance with absolute chump deposits growing 8% for the year aback compared to 2017, and on the aerial end of our accepted ambit of mid to aerial distinct digits. This advance in affiliation with abstinent drop betas abide to authenticate the backbone of our bulk drop franchise.

Fourth, abounding year appear net absorption allowance was 4.09%, which represents a 14 abject point advance over 2017. Activity into the year, we accepted a net absorption allowance in the low 3.90s for the year. Our out achievement was apprenticed by the ahead mentioned acclimatized accommodation and drop appraisement and a antithesis breadth anatomy to be able-bodied positioned for ascent rates.

Fifth, able-bodied adapted bulk fee assets advance of 13%, apprenticed by our abundance and Banknote Connect businesses and constant with our angle of low bifold chiffre growth.

Sixth, costs were able-bodied managed with a bulk ability arrangement for the year of 59.1% across-the-board of college capricious achievement based compensation. As discussed in our antithesis release, this is in band with our 2018 expectations of hardly beneath 60%. Bulk noninterest bulk advance of 9%, authentic the 12% bulk net acquirement advance constant in 3 allotment points, 4 allotment credibility of absolute bulk operating advantage for abounding year 2018.

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Seventh, absolute acclaim costs were $14.6 actor in 2018 aural our ambit of expectations of $13 actor to $15 actor for the year. Overall, our acclaim affection metrics abide abiding and at actual favorable levels. And assuredly as a aftereffect of our performance, we accomplished a abounding year bulk ROA of 1.63% and bulk ROTCE of 20.18%. As a reminder, this achievement came absolutely from a — amoebic advance and decidedly exceeded our abounding year banking and cardinal plan ambition of 1.50% bulk and acceptable ROA.

Rodger Levenson — President and Chief Executive Officer

Thanks, Dominic. Turning to Beneficial, we are admiring to address that shareholders from both companies overwhelmingly accustomed the alliance in December. In addition, the authoritative approval action is affective forth as accepted and we abide on clue for a closing on March 1st. As categorical previously, our systems and cast about-face is appointed for the aftermost weekend in August, which is additionally aback the majority of the annex consolidations will occur. This six ages aeon column closing will accommodate abounding time for affiliation planning and training to ensure a bland about-face for both barter and associates.

Teams from both companies accept been alive agilely and collaboratively on the affiliation plan. 35 key business teams with assembly from both organizations are alive actual carefully with our affiliation administration appointment with account updates with our Executive Administration Steering Committee, and are additionally advised account with the Special Affiliation Committee of the Board. Overall, we are actual admiring with our advance to-date and attending advanced to acceptable one accumulated aggregation in the abreast future. Finally, I will accommodate a aerial akin angle for 2019.

In abounding respects, the development of our 2019 plan began aftermost summer aback teams from both companies formed calm to authorize the baseline for the banking clay acknowledging the Beneficial combination. During the bristles months aback our announcement, our aboriginal assumptions for accumulated operating results, bulk and acquirement synergies and accumulated development costs accept been affirmed accouterment the arrangement for the 2019 plan. As a reminder, the plan assumes a March 1st abutting of Beneficial constant in 10 months of accumulated after-effects and a systems and cast about-face at the end of August.

Highlights of the plan accommodate first, accommodation advance in the low distinct digit, as low to mid distinct chiffre amoebic advance is account by accustomed alliance abrasion in the chump mortgage and bartering absolute acreage portfolios.

Second, deposits to abide collapsed to hardly decreasing, as low distinct chiffre amoebic advance is account by abrasion accompanying primarily to our annex access plan, as allotment of our commitment transformation. Both accommodation and drop abrasion levels are accepted and constant with our aboriginal modeling.

Third, our net absorption allowance aloof beneath 4.10%. This includes archetypal acquirement accommodation accession and antithesis breadth optimization. This additionally incorporates accession drop betas and the apprehension of one absorption bulk backpack in June, in band with Fed armamentarium futures, aback the plan was completed in December. The NIM appulse of no bulk increases, as adumbrated by the contempo futures bazaar could be in the ambit of a brace of abject points.

Fourth, bulk fee assets advance in the aerial distinct chiffre afterwards normalizing for the auction of Beneficial’s allowance business in backward 2018.

Fifth, excluding accumulated development and added ancient merger-related expenses, a bulk ability arrangement of about 58%.

Sixth, absolute acclaim costs of about 25 abject credibility on boilerplate loans or $18 actor (ph) to $22 actor for the year. As a reminder, these costs can be asperous from quarter-to-quarter and reflect apprehension of a connected abiding economy.

Seventh, a abounding year bulk able tax bulk of about 23% to 24%. Amuse agenda that our appear able tax bulk will be afterpiece to 30% to 31% due to transaction-related tax treatment.

Finally, a agenda on basic management. As declared in the release, we intend to abide our connected continuing action of abiding at atomic 25% of anniversary net assets to shareholders through a aggregate of assets and allotment repurchases — repurchases. The Board accustomed a new allotment repurchase allotment in December and at accepted appraisement levels, we accept a bent against repurchases. We will appraise the bulk and clip of repurchases aback we appear out of the blackout aeon afterwards the alliance closes. Overall, we apprehend to achieve a abounding year bulk ROA of 1.50% in 2019. The aboriginal bisected of the year after-effects will be impacted by the about slower aboriginal quarter, apprenticed by seasonality and the transaction closing. We would ahead ROA accession during the added bisected of the year.

Looking above 2019, our new three year cardinal plan reflects a absolutely chip Beneficial including ability of a 100% of bulk accumulation and planned acquirement synergies. Constant with above-mentioned modeling, we ambition a bulk ROA of 1.65% in 2020, and 1.75% in 2021. This acutely assumes a abiding abridgement and bulk environment.

In summary, 2018 saw a acknowledged achievement of our aftermost three cardinal plans, which took us from a 0% (ph) ROA in 2009 to 70 abject credibility in the aboriginal division of 2013 to a abounding year bulk ROA of 1.63% and a bulk ROTCE over 20% in 2018. Our accessible transformational aggregate with Beneficial gives us the befalling to bear connected actual aerial levels of affection achievement through our new cardinal plan and for abounding years to come.

At this time, we would be blessed to booty your questions.

Operator

Thank you. (Operator Instructions) Our aboriginal catechism comes from Michael Perito with KBW. Your band is now open.

Michael Perito — KBW — Analyst

Hey, acceptable afternoon, gentlemen.

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Rodger Levenson — President and Chief Executive Officer

Good afternoon. Few questions from me. I basic to alpha you know, the — all the angle annotation on 2019 and the Beneficial transaction is absolutely helpful. You know, the one area, I was aloof affectionate of analytical on as the accord closes can — cease actuality is just, can you accord a little bit added advice on how the antithesis breadth admeasurement will agitate out afterwards the accord closes. And any of those adjustments that we’ve talked about in the accomplished in the advance portfolio and borrowings et cetera will abide (ph), area you affectionate of — affectionate of ahead the absolute assets will trend column all those adjustments and the accord close.

Dominic C. Canuso — Executive Vice President and Chief Banking Officer

Sure, Mike. This is Dominic. So aboriginal as we’ve discussed afore we see an befalling to restructure the accumulated antithesis breadth at and aloof afterwards the abutting of the transaction to optimize the cogent clamminess and banknote at Beneficial. They are — they are sitting on $1.3 actor of banknote of abbreviate appellation — $1.3 billion (ph) of cash, abbreviate appellation investments, advance portfolio and we will be leveraging $300 actor of that banknote to pay for day one transaction, advantage forth with restructuring the antithesis breadth bisected of which will go to pay bottomward brief allotment that is college cost, and afresh restructuring our advance portfolio to access the crop from the low 2 allotment credibility it is today to the mid 3s. That will aftereffect in about $0.5 billion net abridgement in the proforma antithesis breadth anon afterwards the transaction, and afresh we’ll abound throughout the year. We do see accommodation advance on a circumscribed abject of about 2%. We’ll access the antithesis breadth from day one throughout the butt of the year.

Michael Perito — KBW — Analyst

Helpful, Dominic. Thanks. And afresh so on the low advance side. I beggarly acutely 2% about to area you guys were on a allotment abject does not seems absolutely that huge of a number, but acutely on a dollar basis, it’s a abundant above cardinal and it does accept like there’s some bazaar dynamics that are authoritative things a bit arduous adapted now including some added antagonism from non-bank lender. So I’m analytical area — how do you guys appearance that 2% cardinal in — in the ablaze of all those things that you’ve discussed and I aloof mentioned and I guess, area do you see the advance advancing from, is it from these new lenders you brought on and is there (ph) apprehension that you’ll accompany added on over the advance of 2019? Or — or is it that’s aloof absolutely broiled in from the accepted aggregation and the assembly you apprehend to backlash over the advance of the year.

Rodger Levenson — President and Chief Executive Officer

So this is Rodger. I’ll alpha and afresh Steve can add some blush — commentary. So obviously, aloof to reiterate that 2% is net growth, so that would accommodate the abrasion that I referenced to in my comments, which is I ahead accustomed and accepted of — for transitions like this and additionally includes the one-off of some bequest chump portfolios at Beneficial. So we feel amoebic advance in the low to mid distinct digits for us activity advanced is adapted because the bulk of drive that we feel in the marketplace, which includes not alone the hiring of those new lenders, we’re talking to added new lenders, we’re accepting a lot of actual absolute acknowledgment in the market, as we go out and allocution to new customers, and we’re audition absolute things from our absolute barter because of our above antithesis sheet. So we feel actual acceptable about the befalling for amoebic advance in 2019.

Michael Perito — KBW — Analyst

Okay. Lastly, I didn’t — Rodger, I didn’t apprehend you mentioned the cardinal specifically. But what was the admeasurement if we do repurchase allotment that the Board approved?

Rodger Levenson — President and Chief Executive Officer

So as we said — I said on the alarm and we referenced in the — in the release, we accept approval to go aback in afterwards the accord closes, and we appear out of blackout to resume our connected continuing action of abiding 25% of anniversary earning in a aggregate of the advisedly low allotment and allotment repurchases, and so that’s area we will start. And afresh as our antithesis aisle grows and our basic levels build, we will attending to do — absolutely attending to do accession amounts of allotment repurchases abnormally at these bulk levels. So we accept abounding allotment — we accept abounding allotment to abide the affairs of 25% acknowledgment to shareholders.

Michael Perito — KBW — Analyst

Okay. So is there no specific allotment bulk that’s been disclosed, is it aloof about to complete the 25% payout ambition or —

Rodger Levenson — President and Chief Executive Officer

Yeah. I’d say that’s accurate. If you attending at our earnings, it’s our — the accepted allotment that we have. And again, bethink this is in affiliation with basic levels and added things and we’re in the boilerplate of an appliance process. It’s a little bit beneath 500,000 shares. But we would apprehend to revisit that aback we appear out of blackout, as I said.

Michael Perito — KBW — Analyst

Okay. That was all I had. Acknowledge the color, guys. Acknowledge you.

Operator

Thank you. Our abutting catechism comes from Austin Nicholas with Stephens. Your band is now open.

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Austin Nicholas — Stephens — Analyst

Hey, guys. Acceptable afternoon.

Rodger Levenson — President and Chief Executive Officer

Hey, Austin.

Austin Nicholas — Stephens — Analyst

Maybe aloof aback on the NIM guidance. Could you admonish us what the apprehension for accession is aural the hardly beneath 4.10% NIM guidance?

Dominic C. Canuso — Executive Vice President and Chief Banking Officer

Sure, Austin. This is Dominic. Included in that is a net accretion, which includes acquirement accommodation accretion, and afresh the marks on the CDs and borrowings about 30 abject credibility on a abounding year basis.

Austin Nicholas — Stephens — Analyst

Understood. That — that’s helpful. And afresh maybe aloof switching apparatus to the fee assets allotment of the business. Could you maybe accord us some angle on the advantage and maybe affectionate of net acquirement advance angle in the Banknote Connect ancillary of the business, it looked like fee assets was able this quarter, but I apperceive allotment changes accept resulted in affectionate of net acquirement actuality a little bit collapsed over the — the advance of the year. So any — any thoughts on that business in ’19 would be helpful?

Dominic C. Canuso — Executive Vice President and Chief Banking Officer

Sure. And aloof to bound aftereffect on your antecedent question, aback we talked about acquirement accommodation accretion, I ahead it’s important to agenda and we’ve common this afore that accustomed the best continuance of the assets from Beneficial and the lower pricing, we apprehend that acquirement accommodation accession to abide for about four and a bisected years. So I basic to aloof aftereffect on that point.

Within Banknote Connect, we do abide to see the befalling for bifold chiffre fee assets growth, as they abide to advance and aggrandize their acute safe business, forth with leveraging their added fee casework above their abounding bailment chump base. And we additionally accept been discussing over the aftermost few quarters, the repositioning of the allotment of that business to alteration it from area it has been this year in the 80 abject point ambit of ROA aback to — against the — its actual boilerplate of arctic of 1.30% ROA and against arctic of 1.50%, which we apprehend to do in 2019 and beyond.

In fact, the fourth division included a ancient true-up acclimation in costs that we confused from a bequest banknote abject to accretion abject on one of our allotment band items that beneath — that bargain their income. So in actuality they would accept had net assets advance year-over-year by about 5% and an ROA in the division — in the 1.20s (ph). So we are seeing absolute aisle from — they are repositioning their antithesis sheet, we apprehend that abide to — into 2019.

We do ahead a hardly abate antithesis breadth from that business in 2019, as one of their above barter that has a cogent bailment chump will about-face and abate their bailment volume, but advance their added fee services, and that will additionally advance ROA. So net-net, net assets will be almost collapsed year-over-year, but the ROA will accede — appreciably advance into the 1.30s and afresh we apprehend basal band advance from thereon.

Austin Nicholas — Stephens — Analyst

Got it. Thanks, Dominic. That was actual helpful. Those were the alone — the two questions I had. Thanks.

Operator

Thank you. (Operator Instructions) Our abutting catechism comes from Russell Gunther with Davidson. Your band is now open.

Russell Gunther — Davidson — Analyst

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Hey, acceptable afternoon guys.

Rodger Levenson — President and Chief Executive Officer

Hi, Russell.

Russell Gunther — Davidson — Analyst

Just a quick one from me to get things started on the allowance business that Beneficial is selling. Could you guys aloof quantify the acquirement that will be at accident or being, so that’s a aggregation with that business, please?

Dominic C. Canuso — Executive Vice President and Chief Banking Officer

Yeah. I accept it here. Hold on a second. Yeah I’m — I’m —

Rodger Levenson — President and Chief Executive Officer

Sure. Their — their allowance bureau had a little beneath $5 actor of anniversary acquirement that will not be there in the run bulk cardinal activity forward.

Russell Gunther — Davidson — Analyst

Okay. Got it. Acknowledge you. And afresh aloof switching apparatus to the accommodation advance on the chump side, there accept been a nice antecedent of advance for you guys, as you talked about. Maybe aloof a little bit added color, in agreement of the advance angle activity advanced aural consumer, you guys could blow aloft the — the partnerships you accept with Spring EQ and the — and LendKey, as able-bodied as the blazon of yield, you’d apprehend to be able to abide to get on that portfolio?

Richard M. Wright — Executive Vice President and Chief Retail Banking Officer

This is Rick. In agreement of volumes amid LendKey and Spring EQ, we would apparently apprehend commodity in balance of a $100 actor for 2019. The — I don’t accept in advanced of me the yields on those, but they’ve developed a little bit with the — with the bulk changes. I would acquaint you that the — the acclaim metrics are solid on both of those, we accept in — let me (ph) accept my paper.

The LendKey, area we’ve got a 768 boilerplate FICO on the apprentice loans of which that’s about 5% of the portfolio and afresh alliance loans about 760. We’re seeing annihilation in the way of acclaim abasement there. And on the Springy EQ side, the underwriting is absolutely the aforementioned as ours. So again, we’ve got a actual low crime on that as well.

The acceptable (multiple speakers) the acceptable home disinterestedness business, we’re array of out of push. We ability accept a little bit of advance abutting year. We’re putting on a lot of volume, but we’re accepting a lot of it run-off and we’re accepting the — the curve not continued as abundant as they had been in the past. We were up over 50% utilization. Now, we’re afterpiece to the lower 40s (ph).

Russell Gunther — Davidson — Analyst

I acknowledge the blush there. Acknowledge you. And aftermost one from me. I acknowledge you guys administration your — your thoughts on the ROA aural the three year plan. Acutely a lot of would (ph) had to do with integration, but are there added affectionate of bigger account cardinal initiatives you would — you would achievement to achieve in there that you could allotment with us above the Beneficial affiliation that’s activity to advice drive that ROA.

Rodger Levenson — President and Chief Executive Officer

Yeah. No. I ahead — yeah Russell, absolutely if you attending at our three year cardinal plan affectionate of the two above apparatus of that are the abounding and acknowledged affiliation of Beneficial and starting acutely to autumn all the connected appellation advance opportunities we see with that; and afresh the commitment transformation that is actuality done in affiliation with that — with that combination. And so that the aggregate of those two items are absolutely the affair that’s active the — the numbers in the — in a three year cardinal plan.

Russell Gunther — Davidson — Analyst

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Makes sense. Okay, guys. Acknowledgment so much. That’s it from me.

Operator

Thank you. And our abutting catechism comes from Joe Gladue with Merion Basic Group. Your band is now open.

Joe Gladue — Merion Basic Group — Analyst

Yeah. I’m sorry. My — my questions accept been answered. Thanks.

Operator

Thank you. And with no added questions in queue, I would now like to about-face the appointment aback over to Mr. Rodger Levenson for closing remarks.

Rodger Levenson — President and Chief Executive Officer

Thank you. Acknowledgment afresh for your time and attention. Dominic and I will be on the road. We’ll be abutting Mark in Investor Appointment over the abutting — in the abutting few weeks, and afresh we’ll be on the alley over the abutting brace of months, and we attending advanced to seeing abounding of you then. Acknowledge you actual much, and accept a acceptable day.

Operator

Ladies and gentlemen, acknowledge you for accommodating in today’s conference. This does achieve the program. You may all disconnect. Anybody accept a abundant day.

Duration: 30 minutes

Dominic C. Canuso — Executive Vice President and Chief Banking Officer

Rodger Levenson — President and Chief Executive Officer

Michael Perito — KBW — Analyst

Austin Nicholas — Stephens — Analyst

Russell Gunther — Davidson — Analyst

Richard M. Wright — Executive Vice President and Chief Retail Banking Officer

Joe Gladue — Merion Basic Group — Analyst

More WSFS analysis

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