WSFS Financial Corporation (NASDAQ:WSFS) Q4 2022 Earnings Call Transcript

Dominic Canuso: Yes. I think one of our leading products right now is 12 — 11- to 12-month CD at 4% to retain short term. And while we assess kind of expectations from customers looking for that higher rate, and that will give us time to evaluate the broader market trends. That’s been very competitive. And then we have some other variable rate products that customers are shifting to. And then to the extent they are looking for something more than that. We are working and the consumer and commercial teams are working with Wealth to look at other products, including treasuries to bring the value in the near term, but retain the customer.

Manuel Navas: That’s helpful. One small question on the loan loss reserve that consumer loan growth was — in the consumer partnership was really strong. What type of reserve does the Spring EQ product kind of require? That one specifically. I know you had the whole thing laid out in the back of 4.4%, but just that product itself.

Dominic Canuso: Yes, that’s — it’s a secure product and kind of cash flows pretty quickly, and the losses have been relatively low. So it’s in the low to mid-single-digit range and captured in the consumer line item that we provide on the loan loss reserve slide.

Operator: . And with no further questions in the queue, I would like to turn the conference back over to Mr. Canuso.

Dominic Canuso: Thank you all for joining the call today. If you have any specific questions following this meeting, feel free to reach out to me directly. Also, Rodger and I will be attending conferences and investor meetings throughout the quarter and we look forward to meeting with many of you then. Have a good day.

Operator: This concludes today’s conference. You may now disconnect.