Sharanjit Cheema's questions to WSFS Financial Corp (WSFS) leadership • Q3 2024
Question
Speaking on behalf of Manuel Navas, Sharanjit Cheema from D.A. Davidson & Co. asked about the expected deposit betas in a falling rate environment, what specific deposit pricing actions have been taken since the September rate cut, and the current state of the commercial loan pipeline.
Answer
EVP and CFO David Burg detailed proactive measures, including reducing CD pricing and shortening tenors. He projected a near-term deposit beta in the high teens or 20% for Q4 but noted future betas depend on the pace of rate cuts and the strategic goal of gaining market share. Chief Commercial Banking Officer Stephen Clark added that the 90-day weighted average commercial pipeline is consistent with past quarters at about $230 million, indicating stable near-term closing expectations.