WSFS Financial Corporation (Nasdaq: WSFS), the parent company of
WSFS Bank, today announced its financial results for the full year
and fourth quarter of 2024.
Selected financial results and metrics are as follows:
(Dollars in millions, except per share
data)
4Q 2024
3Q 2024
4Q 2023
2024
2023
Net interest income
$
178.2
$
177.5
$
178.1
$
705.4
$
725.1
Fee revenue
83.3
90.2
87.2
340.9
289.9
Total net revenue
261.5
267.7
265.3
1,046.4
1,015.0
Provision for credit losses
8.0
18.4
24.8
61.4
88.1
Noninterest expense
169.1
163.7
147.6
637.7
561.6
Net income attributable to WSFS
64.2
64.4
63.9
263.7
269.2
Pre-provision net revenue (PPNR)(1)
92.4
103.9
117.7
408.7
453.3
Earnings per share (EPS) (diluted)
1.09
1.08
1.05
4.41
4.40
Return on average assets (ROA) (a)
1.21
%
1.22
%
1.25
%
1.27
%
1.33
%
Return on average equity (ROE) (a)
9.7
10.0
11.1
10.4
11.7
Fee revenue as % of total net revenue
31.8
33.6
32.8
32.5
28.5
Efficiency ratio
64.6
61.1
55.6
60.9
55.2
See “Notes
GAAP results for the quarterly periods shown included items that
are excluded from core results. Below is a summary of the financial
effects of these items, which were primarily related to costs
associated with the optimization of WSFS-owned real estate
properties. For additional detail, refer to the Non-GAAP
Reconciliation in the back of this earnings release.
4Q 2024
3Q 2024
4Q 2023
(Dollars in millions, except per share
data)
Total (pre-tax)
Per share (after-tax)
Total (pre-tax)
Per share (after-tax)
Total (pre-tax)
Per share (after-tax)
Fee revenue
$
0.1
$
—
$
0.1
$
—
$
9.2
$
0.11
Noninterest expense
2.1
0.03
—
—
7.9
0.09
Income tax impacts
(0.4
)
(0.01
)
—
—
7.1
0.12
(1) As used in this press release, PPNR is
a non-GAAP financial measure that adjusts net income determined in
accordance with GAAP to exclude the impacts of (i) income tax
provision and (ii) provision for credit losses. For a
reconciliation of this and other non-GAAP financial measures to
their comparable GAAP measures, see "Non-GAAP Reconciliation" at
the end of the press release.
CEO Commentary
Rodger Levenson, Chairman, CEO and President, said, "WSFS
delivered another strong quarter, with core EPS(2) of $1.11 and a
core ROA(2) of 1.24%. Our performance was highlighted by robust
deposit growth, a strong NIM, lower credit costs and record
performance in our Wealth and Trust franchise.
"Our Q4 results included the impact of an adverse event related
to a Cash Connect® Client that led to our termination of this
relationship. While disappointing, the actions of our team
minimized our exposure, a portion of which we expect to recover
through insurance and other avenues.
"Full-year 2024 performance was also strong with core EPS of
$4.39, core ROA of 1.26% and core ROTCE(2) of 17.83%, all
reflecting the continued optimization of recent franchise
investments.
"During the quarter, we were honored to be recognized by
Newsweek as one of America's Best Regional Banks, reinforcing our
position as the leading locally-headquartered bank and wealth
franchise in the Greater Philadelphia and Delaware region.
"I extend my sincere thanks to our over 2,300 Associates for
their hard work and commitment to WSFS this past year. We enter
2025 with continued momentum and opportunity as we embark on our
2025-2027 Strategic Plan."
(2) As used in this press release, core
ROA, core EPS and core ROTCE are non-GAAP financial measures. These
non-GAAP financial measures exclude certain pre-tax adjustments and
the tax impact of such adjustments. For a reconciliation of these
and other non-GAAP financial measures to their comparable GAAP
measures, see "Non-GAAP Reconciliation" at the end of the press
release.
Highlights for 4Q 2024:
- Core ROA was 1.24%, compared to 1.22% for 3Q 2024.
- Core EPS was $1.11, compared to $1.08 for 3Q 2024.
- Customer deposits increased 4% (not annualized) compared to 3Q
2024 and 4% compared to 4Q 2023, driven by broad-based growth
across our Trust, Consumer, and Commercial business lines.
- Net interest margin of 3.80%, compared to 3.78% for 3Q 2024,
reflects active deposit repricing actions and higher noninterest
deposits, partially offset by lower loan yields.
- Total net credit costs were $8.7 million, compared to $20.1
million for 3Q 2024 due to a decrease in the provision for credit
losses, reflecting improvement in leading indicators and lower net
charge-offs.
- Gross loans decreased 1% (4% annualized) from 3Q 2024 primarily
due to higher commercial payoffs as well as runoff in the consumer
partnership portfolios. Gross loans increased 3% from 4Q 2023
driven by increases in commercial mortgage, C&I, residential
mortgage, and consumer loans.
- Quarterly record fee revenue in Wealth and Trust, with 12% year
over year growth.
- Cash Connect® pre-tax income was negatively impacted by $4.7
million as a result of the termination of a long-standing Client
relationship, which is described further in the Cash Connect®
section of this release.
- WSFS repurchased 393,238 shares of common stock at an average
price of $53.27 per share, totaling an aggregate of $20.9 million.
The Board of Directors approved a quarterly cash dividend of $0.15
per share. During the year, WSFS repurchased 2,049,739 shares of
common stock, or 3%, of shares outstanding, at an average price of
$46.55 per share, returning $95.4 million of capital to
shareholders.
Fourth Quarter 2024 Discussion of Financial Results
Balance Sheet
The following table summarizes loan and lease balances and
composition at December 31, 2024 compared to September 30, 2024 and
December 31, 2023:
Loans and Leases
(Dollars in millions)
December 31, 2024
September 30, 2024
December 31, 2023
Commercial & industrial (C&I)
$
4,652
36
%
$
4,661
35
%
$
4,443
35
%
Commercial mortgage
4,031
31
4,149
32
3,801
30
Construction
832
6
806
6
1,036
8
Commercial small business leases
648
5
645
5
624
5
Total commercial loans and leases
10,163
78
10,261
78
9,904
78
Residential mortgage
992
8
965
7
882
7
Consumer
2,086
16
2,138
16
2,012
16
Gross loans and leases
13,241
102
%
13,364
101
%
12,798
101
%
ACL
(195
)
(2
)
(197
)
(1
)
(186
)
(1
)
Net loans and leases
$
13,046
100
%
$
13,167
100
%
$
12,612
100
%
At December 31, 2024, WSFS’ gross loan and lease portfolio
decreased $123.1 million, or 1% (4% annualized), when compared with
September 30, 2024, primarily driven by decreases of $118.4 million
in commercial mortgage attributable to seasonally higher payoff
activity, and $52.0 million in consumer loans due to runoff of the
Spring EQ and Upstart portfolios. These decreases were partially
offset by an increase of $27.0 million in residential mortgage, due
to the retention of certain loans based on favorable yields and
relationship opportunities.
Gross loans and leases at December 31, 2024 increased $442.6
million, or 3%, when compared with December 31, 2023. Total
commercial loans and leases grew $259.1 million, or 3%, driven by
increases of $229.4 million, or 6%, in commercial mortgage and
$209.2 million, or 5%, in C&I. These increases were partially
offset by a $203.4 million decrease in construction loans,
partially driven by migration into commercial mortgages and C&I
loans (including owner-occupied real estate). Residential mortgage
increased $109.2 million, or 12%, and consumer loans increased
$74.3 million, or 4%, primarily due to growth in WSFS-originated
consumer loans and Spring EQ.
The following table summarizes customer deposit balances and
composition at December 31, 2024 compared to September 30, 2024 and
December 31, 2023:
Customer Deposits
(Dollars in millions)
December 31, 2024
September 30, 2024
December 31, 2023
Noninterest demand
$
4,988
29
%
$
4,686
29
%
$
4,917
30
%
Interest-bearing demand
2,973
17
2,931
18
2,936
18
Savings
1,466
9
1,489
9
1,610
10
Money market
5,472
32
5,178
31
5,175
31
Total core deposits
14,899
87
14,284
87
14,638
89
Customer time deposits
2,131
13
2,143
13
1,784
11
Total customer deposits
$
17,030
100
%
$
16,427
100
%
$
16,422
100
%
Total customer deposits increased by $602.8 million, or 4% (not
annualized), when compared with September 30, 2024, driven by
broad-based growth across the Trust, Consumer, and Commercial
business lines, partially offset by expected seasonal decreases in
municipal deposits. Average customer deposits also increased 4%,
compared to 3Q 2024. Average noninterest demand deposits, which
comprised 31% of average customer deposits, grew 6% (not
annualized), reflecting the strength of our core deposit base.
Total customer deposits increased by $607.4 million, or 4%, from
December 31, 2023, primarily driven by the Consumer and Commercial
businesses, with growth in time, money market, and noninterest
demand deposits. Average customer deposits increased 6% compared to
4Q 2023, including average noninterest demand deposit growth of
7%.
The deposit base remains well-diversified, with 51% of customer
deposits coming from the Commercial, Small Business, and Wealth and
Trust business lines. The loan-to-deposit ratio(3) was 77% at
December 31, 2024, providing continued capacity to fund future loan
growth.
Core deposits were 87% of total customer deposits, with a
weighted average cost of 147bps for the quarter. No- and low-cost
checking accounts represented 46% of total customer deposits with a
weighted average cost of 41bps for the quarter.
(3) Ratio of net loans and leases to total
customer deposits.
Net Interest Income
Three Months Ending
(Dollars in millions)
December 31, 2024
September 30, 2024
December 31, 2023
Net interest income before purchase
accretion
$
175.8
$
175.5
$
174.8
Purchase accounting accretion
2.4
2.0
3.3
Net interest income
$
178.2
$
177.5
$
178.1
Net interest margin before purchase
accretion
3.75
%
3.74
%
3.92
%
Purchase accounting accretion
0.05
0.04
0.07
Net interest margin
3.80
%
3.78
%
3.99
%
Net interest income increased $0.7 million, or less than 1%,
compared to 3Q 2024, driven by lower deposit and wholesale funding
costs, which were partially offset by lower income from loans. Net
interest income was essentially flat compared to 4Q 2023, despite
100bps of interest rate cuts in 2H 2024.
Total loan yields were 6.80%, a decrease of 27bps when compared
to 3Q 2024, due to the rate cuts in 2H 2024. Total customer deposit
costs were 1.83%, a decrease of 12bps, while interest-bearing
deposit costs were 2.65%, a decrease of 14bps compared to the prior
quarter. The deposit cost decreases reflect deposit repricing
actions taken in response to the Fed interest rate cuts.
Net interest margin of 3.80%, an increase of 2bps compared to 3Q
2024, reflects the repricing actions and higher noninterest
deposits, partially offset by the lower loan yields mentioned
above. Net interest margin decreased 19bps from 4Q 2023, primarily
driven by lower loan yields as well as deposit mix shift and growth
in higher priced deposit products over the past year.
Asset Quality
(Dollars in millions)
December 31, 2024
September 30, 2024
December 31, 2023
Problem assets(4)
$
645.0
$
721.5
$
555.7
Delinquencies
121.8
147.6
101.9
Nonperforming assets
127.4
91.3
75.8
Net charge-offs
10.2
19.2
14.7
Total net credit costs (r)
8.7
20.1
25.4
Problem assets to total Tier 1 capital
plus ACL
26.21
%
30.11
%
23.44
%
Classified assets to total Tier 1 capital
plus ACL
21.40
21.41
17.29
Ratio of nonperforming assets to total
assets
0.61
0.44
0.37
Delinquencies to gross loans (n)
0.92
1.11
0.80
Ratio of quarterly net charge-offs to
average gross loans
0.31
0.58
0.46
Ratio of allowance for credit losses to
total loans and leases (q)
1.48
1.48
1.46
Ratio of allowance for credit losses to
nonaccruing loans
160
219
251
See “Notes”
Total net credit costs were $8.7 million in the quarter, a
decrease of $11.4 million, compared to $20.1 million in 3Q 2024.
The decrease reflects improvements in early stage metrics of
problem assets and delinquencies, as well as net charge-offs.
Problem assets to total Tier 1 capital plus ACL ratio was
26.21%, a decrease of 390bps compared to September 30, 2024, driven
by upgrades and the full payoff of a $21.6 million problem
credit.
Delinquencies of $121.8 million, or 92bps of gross loans,
decreased $25.8 million, or 19bps, compared to September 30, 2024,
primarily due to two commercial relationships brought current
within the period.
Nonperforming assets increased $36.0 million, or 17bps of total
assets, compared to September 30, 2024, primarily driven by the
migration of one relationship with two loans, one land and one
multifamily construction. These loans were previously included in
problem assets and are well-collateralized based on current
valuations.
Net charge-offs decreased $8.9 million to $10.2 million, or
31bps (annualized) of average gross loans during the quarter.
Outside of the NewLane and Upstart portfolios, which continued to
moderate, there were minimal losses in our commercial and consumer
portfolios in the quarter.
The ACL was $195.3 million as of December 31, 2024, a decrease
of $2.2 million from September 30, 2024. The ACL coverage ratio was
1.48%, flat compared to September 30, 2024.
(4) Problem assets includes all
criticized, classified, and nonperforming loans as well as other
real estate owned (OREO).
Core Fee Revenue(5)
Core fee revenue (noninterest income) of $83.2 million decreased
$6.9 million, or 8% (not annualized), compared to $90.1 million
from 3Q 2024. The decrease was driven by $6.4 million of lower Cash
Connect® fee revenue and $2.3 million from the Spring EQ earnout
recognized in 3Q 2024. The decline in Cash Connect® included a $2.8
million impact from the write-off of uncollectible fees related to
the termination of a Client relationship as well as a $2.1 million
impact from interest rates (which was offset in noninterest
expense). The full impact of the Client termination is described
further in the Cash Connect® section of this release. The decrease
was partially offset by Wealth and Trust, which increased $3.0
million and delivered a record quarter, with double digit growth in
Institutional Services.
Core fee revenue increased $5.2 million, or 7%, compared to 4Q
2023. Excluding the impacts of the Cash Connect® Client termination
and Spring EQ-related fees in 2023, core fee revenue increased 15%.
The growth was driven by the Wealth and Trust and Cash Connect®
business lines. Growth in Wealth and Trust was driven by
Institutional Services, Private Wealth Management and The Bryn Mawr
Trust Company of Delaware (BMT of DE). Growth in Cash Connect® was
driven by bailment Clients added in the fourth quarter of 2023 and
the first half of 2024.
For 4Q 2024, our core fee revenue ratio(5) was 31.8% compared to
33.6% in 3Q 2024 and 30.4% in 4Q 2023. Fee revenue is a competitive
differentiator providing a well-diversified source of revenue with
further growth opportunities expected.
(5) As used in this press release, core
fee revenue and core fee revenue ratio is a non-GAAP financial
measure. This non-GAAP financial measure excludes certain pre-tax
adjustments and the tax impact of such adjustments. For a
reconciliation of this and other non-GAAP financial measures to
their comparable GAAP measures, see "Non-GAAP Reconciliation" at
the end of the press release.
Core Noninterest Expense(6)
Core noninterest expense of $167.0 million increased $3.3
million, or 2% (not annualized), compared to 3Q 2024. Core
noninterest expense was impacted by $1.9 million of nonrecurring
items related to the Cash Connect® Client termination as well as
favorable impacts of $2.3 million from Cash Connect® external
funding costs driven by interest rate decreases. Excluding these
items, core noninterest expense increased $3.7 million, or 3% (not
annualized), which was driven by higher compliance and risk-related
professional fees, legal fees and medical benefit costs.
Core noninterest expense increased $27.2 million, or 19%,
compared to 4Q 2023. Excluding the impact of the Cash Connect®
Client termination and additional external funding costs of $5.4
million (which were more than offset in fee revenue), core
noninterest expense increased $20.0 million, or 15%, compared to 4Q
2023.
The $20.0 million increase was largely driven by $18.0 million
in higher salaries and benefits as a result of talent additions,
performance-based increases, and higher medical costs. The talent
additions were concentrated in key business areas, such as Wealth
and Trust, Commercial, and Technology. We continue to be a
preferred platform for new talent as evidenced by two teams in
Wealth and Trust that have recently joined us from competitors.
Our core efficiency ratio(6) was 63.8% in 4Q 2024, compared to
61.1% in 3Q 2024 and 54.5% in 4Q 2023.
Income Taxes
We recorded a $20.2 million income tax provision in 4Q 2024,
compared to $21.1 million in 3Q 2024 and $29.4 million in 4Q 2023.
The quarter over quarter decrease is primarily due to lower income
before taxes and the year over year decrease in income tax
provision is primarily due to the surrender of bank-owned life
insurance (BOLI) policies in 4Q 2023.
The effective tax rate was 23.9% in 4Q 2024 compared to 24.7% in
3Q 2024 and 31.6% in 4Q 2023. The decrease in effective tax rate
for 4Q 2024 compared to 3Q 2024 was primarily driven by lower state
taxes and impacts from renewable energy tax credits. The decrease
in effective tax rate when compared to 4Q 2023 is attributable to
the surrender of BOLI policies mentioned above. The full-year
effective tax rate was 24.1% in 2024 compared to 26.3% in 2023.
(6) As used in this press release, core
noninterest expense and core efficiency ratio are non-GAAP
financial measures. These non-GAAP financial measures exclude
certain pre-tax adjustments and the tax impact of such adjustments.
For a reconciliation of these and other non-GAAP financial measures
to their comparable GAAP measures, see "Non-GAAP Reconciliation" at
the end of the press release.
Capital Management
Capital levels remain strong and are all substantially in excess
of the “well-capitalized” regulatory benchmarks at December 31,
2024, with WSFS Bank’s Tier 1 leverage ratio of 11.03%, Common
Equity Tier 1 capital ratio and Tier 1 capital ratio of 13.88%, and
Total Risk-based capital ratio of 15.13%.
WSFS’ total stockholders’ equity decreased $88.5 million, or 3%
(not annualized), during 4Q 2024. The decrease was primarily due to
an increase in accumulated other comprehensive loss of $124.9
million, driven by market-value decreases on available-for-sale
investment securities, and capital returns of $29.8 million to
stockholders, comprising $20.9 million from share repurchases and
$8.8 million from quarterly dividends. The decrease was partially
offset by quarterly earnings of $64.2 million.
WSFS’ tangible common equity(7) decreased $84.5 million, or 5%
(not annualized), compared to September 30, 2024, primarily due to
the reasons described above. WSFS’ common equity to assets ratio
decreased 37bps to 12.44% during the quarter, and our tangible
common equity to tangible assets ratio(7) was 8.08% at December 31,
2024, a decrease of 39bps, compared to the prior quarter.
At December 31, 2024, book value per share was $44.15, a
decrease of $1.22, or 3% (not annualized), from September 30, 2024,
and tangible book value per share was $27.30, a decrease of $1.26,
or 4% (not annualized), from September 30, 2024. These decreases
were due to the reasons described above. Book value per share
increased $3.22, or 8%, and tangible book value per share increased
$2.97, or 12%, compared to 4Q 2023.
During 4Q 2024, WSFS repurchased 393,238 shares of common stock
for an aggregate of $20.9 million. As of December 31, 2024, WSFS
has 3,291,854 shares, or approximately 6% of outstanding shares,
remaining to repurchase under its current authorization. For the
year, total capital returned to stockholders through share
repurchases and quarterly dividends was $131.2 million.
The Board of Directors approved a quarterly cash dividend of
$0.15 per share of common stock. This dividend will be paid on
February 21, 2025 to stockholders of record as of February 7,
2025.
(7) As used in this press release,
tangible common equity and tangible common equity to tangible
assets ratio are non-GAAP financial measures. These non-GAAP
financial measures exclude goodwill and intangible assets and the
related tax-effected amortization. For a reconciliation of these
and other non-GAAP financial measures to their comparable GAAP
measures, see "Non-GAAP Reconciliation" at the end of the press
release.
Selected Business Segments (included in previous
results): Wealth Management
The Wealth Management segment provides a broad array of planning
and advisory services, investment management, trust services,
credit and deposit products to individual, corporate, and
institutional Clients.
Selected quarterly performance results and metrics are as
follows:
(Dollars in millions)
December 31, 2024
September 30, 2024
December 31, 2023
Net interest income
$
23.1
$
21.6
$
18.3
Provision for (recovery of) credit
losses
0.4
—
(0.1
)
Fee revenue(8)
40.3
37.2
36.0
Noninterest expense(8)
29.9
28.4
26.9
Pre-tax income
33.1
30.4
27.5
Performance
Metrics
Trust fee revenue (Institutional Services
and BMT of DE)
$
24.1
$
21.5
$
20.9
Private Wealth Management fee revenue
15.3
14.7
14.5
AUM/AUA(9)
89,425
87,217
78,087
Wealth Management delivered a record quarter in fee revenue and
earnings, with pre-tax income of $33.1 million, which increased
$2.7 million, or 9% (not annualized), compared to 3Q 2024. Net
interest income increased $1.5 million, as average deposits were
$222.0 million higher than 3Q 2024. Fee revenue increased $3.0
million from 3Q 2024, due to growth across all business areas,
including Institutional Services, BMT of DE, and Private Wealth
Management. Total noninterest expense increased $1.5 million,
compared to 3Q 2024, mostly due to performance-based compensation
and higher technology costs.
Wealth Management pre-tax income increased $5.6 million, or 20%,
compared to 4Q 2023 due to higher fee revenue and net interest
income. Net interest income increased $4.7 million mostly due to
higher deposit balances. Fee revenue increased $4.3 million, or
12%, compared to 4Q 2023, due to growth in Institutional Services,
Private Wealth Management, and BMT of DE. Total noninterest expense
increased $2.9 million driven by salaries and benefits expense from
hiring new advisors and performance-based compensation.
Net AUM of $9.2 billion at the end of 4Q 2024 decreased $0.1
billion, or 2%, compared to 3Q 2024, and increased $0.5 billion, or
6%, compared to 4Q 2023. AUM balances compared to the prior quarter
were largely driven by declines in broader equity markets and some
net outflows.
(8) Includes intercompany allocation of
revenue and expense.
(9) Represents Assets Under Management and
Assets Under Administration.
Cash Connect®
Cash Connect® is a premier provider of ATM vault cash, smart
safe and cash logistics services in the United States, servicing
non-bank ATMs and smart safes nationwide and supporting ATMs for
WSFS Bank Customers with one of the largest branded ATM networks in
our region.
Selected quarterly financial results and metrics are as
follows:
(Dollars in millions)
December 31, 2024
September 30, 2024
December 31, 2023
Net revenue(10)
$
21.8
$
27.7
$
19.0
Noninterest expense(11)
25.2
26.1
17.4
Pre-tax income
(3.4
)
1.6
1.6
Performance
Metrics
Average cash managed
$
1,585
$
1,623
$
1,579
Number of serviced non-bank ATMs and smart
safes
38,574
42,126
41,695
Number of WSFS owned and branded ATMs
567
569
590
ROA
(2.63
)%
1.29
%
1.17
%
During the fourth quarter, WSFS terminated a relationship with a
long-standing Cash Connect® Client as a result of negative events
in the Client's overall business portfolio. Due to this
termination, Cash Connect® recorded a loss of $3.4 million in 4Q
2024, driven by one-time charges totaling $4.7 million, including
$2.8 million in uncollectible fees and $1.9 million in noninterest
expense. We are actively engaged in the recovery of these costs
through our insurance policies and other avenues, where
appropriate. The table below summarizes the impact of these
charges.
Reported
Adjusted
(Dollars in millions)
December 31, 2024
Adjustments
December 31, 2024
Net revenue
$
21.8
$
2.8
$
24.6
Noninterest expense
25.2
(1.9
)
23.3
Pre-tax income
(3.4
)
4.7
1.4
ROA
(2.63
)%
3.69
%
1.06
%
Excluding the impacts of the terminated relationship, net
revenue was $24.6 million, a decrease of $3.0 million compared to
3Q 2024 and pre-tax income was $1.4 million, a decrease of $0.3
million. The decrease in net revenue was driven by $2.1 million
related to interest rate reductions (which were offset in
noninterest expense) and $1.5 million related to seasonally lower
ATM volume, which also impacted pre-tax income.
Excluding the impacts of the terminated relationship, pre-tax
net income decreased $0.2 million compared to 4Q 2023. The decrease
was primarily driven by higher vault-related expenses, partially
offset by the benefit from lower rates.
(10) Includes intercompany allocation of
income and net interest income.
(11) Includes intercompany allocation of
expense.
Fourth Quarter 2024 Earnings Release Conference Call
Management will conduct a conference call to review 4Q 2024
results at 1:00 p.m. Eastern Time (ET) on Tuesday, January 28,
2025. Interested parties may access the conference call live on our
Investor Relations website (https://investors.wsfsbank.com). For
those who cannot access the live conference call, a replay will be
accessible shortly after the event concludes through our Investor
Relations website.
About WSFS Financial Corporation
WSFS Financial Corporation is a multibillion-dollar financial
services company. Its primary subsidiary, WSFS Bank, is the oldest
and largest locally headquartered bank and trust company in the
Greater Philadelphia and Delaware region. As of December 31, 2024,
WSFS Financial Corporation had $20.8 billion in assets on its
balance sheet and $89.4 billion in assets under management and
administration. WSFS operates from 114 offices, 88 of which are
banking offices, located in Pennsylvania (57), Delaware (39), New
Jersey (14), Florida (2), Nevada (1) and Virginia (1) and provides
comprehensive financial services including commercial banking,
consumer banking, treasury management and trust and wealth
management. Other subsidiaries or divisions include Arrow Land
Transfer, Bryn Mawr Capital Management, LLC, Bryn Mawr Trust®, The
Bryn Mawr Trust Company of Delaware, Cash Connect®, NewLane
Finance®, Powdermill® Financial Solutions, WSFS Institutional
Services®, WSFS Mortgage®, and WSFS Wealth® Investments. Serving
the Greater Delaware Valley since 1832, WSFS Bank is one of the ten
oldest banks in the United States continuously operating under the
same name. For more information, please visit www.wsfsbank.com.
WSFS FINANCIAL CORPORATION FINANCIAL HIGHLIGHTS
SUMMARY STATEMENTS OF INCOME (Unaudited)
Three months ended
Twelve months ended
(Dollars in thousands, except per share
data)
December 31, 2024
September 30, 2024
December 31, 2023
December 31, 2024
December 31, 2023
Interest income:
Interest and fees on loans
$
226,886
$
235,977
$
224,760
$
918,381
$
845,271
Interest on mortgage-backed securities
24,995
25,348
26,245
102,024
107,555
Interest and dividends on investment
securities
2,188
2,184
2,184
8,739
8,783
Other interest income
9,270
9,875
4,042
34,438
14,913
263,339
273,384
257,231
1,063,582
976,522
Interest expense:
Interest on deposits
78,541
80,647
67,319
308,676
209,820
Interest on Federal Home Loan Bank
advances
828
1,472
213
2,967
5,348
Interest on senior and subordinated
debt
2,354
2,446
2,455
9,690
9,815
Interest on trust preferred borrowings
1,655
1,749
1,782
6,910
6,736
Interest on other borrowings
1,754
9,566
7,335
29,901
19,700
85,132
95,880
79,104
358,144
251,419
Net interest income
178,207
177,504
178,127
705,438
725,103
Provision for credit losses
8,036
18,422
24,816
61,410
88,071
Net interest income after provision for
credit losses
170,171
159,082
153,311
644,028
637,032
Noninterest income:
Credit/debit card and ATM income
20,545
24,621
17,058
88,710
59,718
Investment management and fiduciary
revenue
39,763
36,648
35,475
146,945
131,050
Deposit service charges
6,844
6,837
6,543
26,664
25,393
Mortgage banking activities, net
1,634
2,067
1,119
7,565
4,799
Loan and lease fee income
1,939
1,513
1,535
6,681
5,718
Unrealized gain on equity investment,
net
—
—
338
—
329
Realized gain on sale of equity
investment, net
123
56
9,493
2,309
9,493
Bank-owned life insurance income
1,191
1,540
675
4,724
4,642
Other income
11,268
16,876
14,969
57,322
48,729
83,307
90,158
87,205
340,920
289,871
Noninterest expense:
Salaries, benefits and other
compensation
87,503
86,124
69,524
332,682
289,193
Occupancy expense
9,118
9,595
12,115
37,579
42,184
Equipment expense
12,922
12,076
11,077
47,744
42,242
Data processing and operations expense
4,829
4,985
4,692
18,281
19,054
Professional fees
7,083
3,819
6,031
20,164
21,200
Marketing expense
1,969
2,053
1,984
7,824
7,914
FDIC expenses
2,912
2,882
7,908
12,166
15,887
Loan workout and other credit costs
646
1,684
560
2,123
852
Corporate development expense
61
46
282
473
3,931
Restructuring expense
2,193
—
557
2,193
(230
)
Other operating expenses
39,890
40,459
32,916
156,460
119,406
169,126
163,723
147,646
637,689
561,633
Income before taxes
84,352
85,517
92,870
347,259
365,270
Income tax provision
20,197
21,108
29,365
83,764
96,245
Net income
64,155
64,409
63,505
263,495
269,025
Less: Net loss attributable to
noncontrolling interest
(47
)
(26
)
(403
)
(176
)
(131
)
Net income attributable to WSFS
$
64,202
$
64,435
$
63,908
$
263,671
$
269,156
Diluted earnings per share of common
stock:
$
1.09
$
1.08
$
1.05
$
4.41
$
4.40
Weighted average shares of common stock
outstanding for fully diluted EPS
59,078,572
59,393,651
60,772,603
59,738,889
61,220,647
See “Notes”
WSFS FINANCIAL CORPORATION FINANCIAL HIGHLIGHTS
SUMMARY STATEMENTS OF INCOME (Unaudited) -
continued
Three months ended
Twelve months ended
December 31, 2024
September 30, 2024
December 31, 2023
December 31, 2024
December 31, 2023
Performance Ratios:
Return on average assets (a)
1.21
%
1.22
%
1.25
%
1.27
%
1.33
%
Return on average equity (a)
9.66
9.95
11.12
10.40
11.70
Return on average tangible common equity
(a)(o)
16.17
16.96
20.83
17.91
21.73
Net interest margin (a)(b)
3.80
3.78
3.99
3.82
4.11
Efficiency ratio (c)
64.57
61.08
55.56
60.85
55.24
Noninterest income as a percentage of
total net revenue (b)
31.80
33.64
32.81
32.53
28.51
See “Notes”
WSFS FINANCIAL CORPORATION FINANCIAL HIGHLIGHTS
(Continued) SUMMARY STATEMENTS OF FINANCIAL CONDITION
(Unaudited)
(Dollars in thousands)
December 31, 2024
September 30, 2024
December 31, 2023
Assets:
Cash and due from banks
$
722,722
$
571,798
$
629,310
Cash in non-owned ATMs
430,320
414,931
458,889
Investment securities,
available-for-sale
3,510,648
3,737,119
3,846,537
Investment securities,
held-to-maturity
1,015,161
1,026,305
1,058,557
Other investments
31,765
38,662
37,533
Net loans and leases (e)(f)(l)
13,045,917
13,166,805
12,612,470
Bank owned life insurance
36,565
35,658
42,762
Goodwill and intangibles
988,160
992,163
1,004,560
Other assets
1,033,045
921,768
904,054
Total assets
$
20,814,303
$
20,905,209
$
20,594,672
Liabilities and
Stockholders’ Equity:
Noninterest-bearing deposits
$
4,987,753
$
4,685,957
$
4,917,297
Interest-bearing deposits
12,042,055
11,741,074
11,505,113
Total customer deposits
17,029,808
16,427,031
16,422,410
Brokered deposits
—
—
51,676
Total deposits
17,029,808
16,427,031
16,474,086
Federal Home Loan Bank advances
51,040
43,158
—
Other borrowings
332,567
1,032,003
895,076
Other liabilities
821,512
736,002
755,695
Total liabilities
18,234,927
18,238,194
18,124,857
Stockholders’ equity of WSFS
2,589,752
2,678,264
2,477,636
Noncontrolling interest
(10,376
)
(11,249
)
(7,821
)
Total stockholders' equity
2,579,376
2,667,015
2,469,815
Total liabilities and stockholders'
equity
$
20,814,303
$
20,905,209
$
20,594,672
Capital Ratios:
Equity to asset ratio
12.44
%
12.81
%
12.03
%
Tangible common equity to tangible asset
ratio (o)
8.08
8.47
7.52
Common equity Tier 1 capital (required:
4.5%; well capitalized: 6.5%) (g)
13.88
13.46
13.72
Tier 1 leverage (required: 4.00%;
well-capitalized: 5.00%) (g)
11.03
10.68
10.92
Tier 1 risk-based capital (required:
6.00%; well-capitalized: 8.00%) (g)
13.88
13.46
13.72
Total risk-based capital (required: 8.00%;
well-capitalized: 10.00%) (g)
15.13
14.71
14.96
Asset Quality Indicators:
Nonperforming assets:
Nonaccruing loans (t)
$
122,181
$
90,039
$
74,185
Assets acquired through foreclosure
5,204
1,301
1,569
Total nonperforming assets
$
127,385
$
91,340
$
75,754
Past due loans (h)
$
9,202
$
31,714
$
11,584
Troubled loans (u)
151,288
166,754
95,268
Allowance for credit losses
195,288
197,497
186,134
Ratio of nonperforming assets to total
assets
0.61
%
0.44
%
0.37
%
Ratio of allowance for credit losses to
total loans and leases (q)
1.48
1.48
1.46
Ratio of allowance for credit losses to
nonaccruing loans
160
219
251
Ratio of quarterly net charge-offs to
average gross loans (a)(e)(i)(n)
0.31
0.58
0.46
Ratio of year-to-date net charge-offs to
average gross loans (a)(e)(i)(n)
0.40
0.43
0.44
See “Notes”
Forward-Looking
Statements
This press release contains estimates, predictions, opinions,
projections and other "forward-looking statements" as that phrase
is defined in the Private Securities Litigation Reform Act of 1995.
Such statements include, without limitation, references to the
Company's predictions or expectations of future business or
financial performance as well as its goals and objectives for
future operations, financial and business trends, business
prospects, and management's outlook or expectations for earnings,
revenues, expenses, capital levels, liquidity levels, asset quality
or other future financial or business performance, strategies or
expectations. The words “believe,” “expect,” “anticipate,” “plan,”
“estimate,” “target,” “project” and similar expressions, among
others, generally identify forward-looking statements. Such
forward-looking statements are based on various assumptions (some
of which may be beyond the Company's control) and are subject to
risks and uncertainties (which change over time) and other factors
which could cause actual results to differ materially from those
currently anticipated. Such risks and uncertainties include, but
are not limited to, difficult market conditions and unfavorable
economic trends in the United States generally and in financial
markets, particularly in the markets in which the Company operates
and in which its loans are concentrated, including difficult and
unfavorable conditions and trends related to housing markets, costs
of living, unemployment levels, interest rates, supply chain
issues, inflation, and economic growth; the impacts related to or
resulting from bank failures and other economic and industry
volatility, including potential increased regulatory requirements
and costs and potential impacts to macroeconomic conditions;
changes in market interest rates which may increase funding costs
and reduce earning asset yields and thus reduce margin; the impact
of changes in interest rates and the credit quality and strength of
underlying collateral and the effect of such changes on the market
value of the Company's investment securities portfolio, which could
impact market confidence in the Company’s operations; possible
additional loan losses and impairment of the collectability of
loans; the Company's level of nonperforming assets and the costs
associated with resolving problem loans including litigation and
other costs and complying with government-imposed foreclosure
moratoriums; , the credit risk associated with the substantial
amount of commercial real estate, commercial and industrial, and
construction and land development loans in the Company's loan
portfolio; the extensive federal and state regulation, supervision
and examination governing almost every aspect of the Company's
operations and potential expenses associated with complying with
such regulations; the Company's ability to comply with applicable
capital and liquidity requirements, including its ability to
generate liquidity internally or raise capital on favorable terms;
possible changes in trade, monetary and fiscal policies and
stimulus programs, laws and regulations and other activities of
governments, agencies, and similar organizations, and the
uncertainty of the short- and long-term impacts of such changes;
any impairments of the Company's goodwill or other intangible
assets; the success of the Company's growth plans; failure of the
financial and/or operational controls of the Company's Cash
Connect® and/or Wealth Management segments; negative perceptions or
publicity with respect to the Company generally and, in particular,
the Company's trust and wealth management business; adverse
judgments or other resolution of pending and future legal
proceedings, and cost incurred in defending such proceedings; the
Company's reliance on third parties for certain important
functions, including the operation of its core systems, and any
failures by such third parties; system failures or cybersecurity
incidents or other breaches of the Company's network security,
particularly given remote working arrangements; the Company's
ability to recruit and retain key Associates; the effects of
weather, including climate change, and natural disasters such as
floods, droughts, wind, tornadoes and hurricanes as well as effects
from geopolitical instability, armed conflicts, public health
crises and man-made disasters including terrorist attacks; the
effects of regional or national civil unrest (including any
resulting branch or ATM closures or damage); possible changes in
the speed of loan prepayments by the Company's Customers and loan
origination or sales volumes; possible changes in market valuations
and/or the speed of prepayments of mortgage-backed securities (MBS)
due to changes in the interest rate environment, and the related
acceleration of premium amortization on prepayments in the event
that prepayments accelerate; regulatory limits on the Company's
ability to receive dividends from its subsidiaries and pay
dividends to its stockholders; any reputation, credit, interest
rate, market, operational, litigation, legal, liquidity, regulatory
and compliance risk resulting from developments related to any of
the risks discussed above; any compounding effects or unexpected
interactions of the risks discussed above; and other risks and
uncertainties, including those discussed in the Company's Annual
Report on Form 10-K for the year ended December 31, 2023, Quarterly
Reports on Form 10-Q for the quarters ended March 31, 2024, June
30, 2024, and September 30,2024, and other documents filed by the
Company with the Securities and Exchange Commission from time to
time.
The Company cautions readers not to place undue reliance on any
such forward-looking statements, which speak only as of the date
they are made. The Company disclaims any duty to revise or update
any forward-looking statement, whether written or oral, that may be
made from time to time by or on behalf of the Company for any
reason, except as specifically required by law. As used in this
press release, the terms "WSFS," "the Company," "registrant," "we,"
"us," and "our" mean WSFS Financial Corporation and its
subsidiaries, on a consolidated basis, unless the context indicates
otherwise.
WSFS FINANCIAL CORPORATION FINANCIAL HIGHLIGHTS
(Continued) AVERAGE BALANCE SHEET (Unaudited)
(Dollars in thousands)
Three months ended
December 31, 2024
September 30, 2024
December 31, 2023
Average
Balance
Interest &
Dividends
Yield/
Rate
(a)(b)
Average
Balance
Interest &
Dividends
Yield/
Rate
(a)(b)
Average
Balance
Interest &
Dividends
Yield/
Rate
(a)(b)
Assets:
Interest-earning assets:
Loans: (e) (j)
Commercial loans and leases (p)
$
5,234,307
$
89,784
6.84
%
$
5,246,721
$
93,594
7.11
%
$
5,049,932
$
89,474
7.04
%
Commercial real estate loans (s)
4,939,610
84,415
6.80
4,952,571
89,516
7.19
4,757,766
85,717
7.15
Residential mortgage
953,099
12,604
5.29
924,830
11,916
5.15
865,631
10,176
4.70
Consumer loans
2,112,283
39,039
7.35
2,112,423
39,909
7.52
1,992,434
38,495
7.67
Loans held for sale
49,455
1,044
8.40
50,556
1,042
8.20
46,227
898
7.71
Total loans and leases
13,288,754
226,886
6.80
13,287,101
235,977
7.07
12,711,990
224,760
7.02
Mortgage-backed securities (d)
4,295,179
24,995
2.33
4,354,462
25,348
2.33
4,376,102
26,245
2.40
Investment securities (d)
366,981
2,188
2.64
366,098
2,184
2.62
356,495
2,184
2.72
Other interest-earning assets
765,240
9,270
4.82
709,358
9,875
5.54
291,626
4,042
5.50
Total interest-earning assets
$
18,716,154
$
263,339
5.61
%
$
18,717,019
$
273,384
5.82
%
$
17,736,213
$
257,231
5.76
%
Allowance for credit losses
(196,740
)
(199,380
)
(179,030
)
Cash and due from banks
189,730
189,523
263,724
Cash in non-owned ATMs
387,114
387,019
396,589
Bank owned life insurance
36,350
35,689
91,769
Other noninterest-earning assets
1,917,671
1,931,521
2,009,939
Total assets
$
21,050,279
$
21,061,391
$
20,319,204
Liabilities and stockholders’
equity:
Interest-bearing liabilities:
Interest-bearing deposits:
Interest-bearing demand
$
2,843,613
$
8,460
1.18
%
$
2,806,850
$
9,074
1.29
%
$
2,941,311
$
7,966
1.07
%
Savings
1,480,650
1,922
0.52
1,519,457
2,038
0.53
1,646,314
1,614
0.39
Money market
5,323,856
44,797
3.35
5,125,286
46,686
3.62
4,760,003
40,373
3.37
Customer time deposits
2,155,891
23,362
4.31
2,061,526
22,849
4.41
1,763,678
15,766
3.55
Total interest-bearing customer
deposits
11,804,010
78,541
2.65
11,513,119
80,647
2.79
11,111,306
65,719
2.35
Brokered deposits
—
—
—
—
—
—
119,843
1,600
5.30
Total interest-bearing deposits
11,804,010
78,541
2.65
11,513,119
80,647
2.79
11,231,149
67,319
2.38
Federal Home Loan Bank advances
71,331
828
4.62
108,196
1,472
5.41
14,620
213
5.78
Trust preferred borrowings
90,806
1,655
7.25
90,753
1,749
7.67
90,606
1,782
7.80
Senior and subordinated debt
218,593
2,354
4.31
218,535
2,446
4.48
218,362
2,455
4.50
Other borrowed funds
171,873
1,754
4.06
816,373
9,566
4.66
635,512
7,335
4.58
Total interest-bearing liabilities
$
12,356,613
$
85,132
2.74
%
$
12,746,976
$
95,880
2.99
%
$
12,190,249
$
79,104
2.57
%
Noninterest-bearing demand deposits
5,289,024
4,979,859
4,965,356
Other noninterest-bearing liabilities
772,531
770,572
889,962
Stockholders’ equity of WSFS
2,643,325
2,575,182
2,281,076
Noncontrolling interest
(11,214
)
(11,198
)
(7,439
)
Total liabilities and equity
$
21,050,279
$
21,061,391
$
20,319,204
Excess of interest-earning assets over
interest-bearing liabilities
$
6,359,541
$
5,970,043
$
5,545,964
Net interest and dividend income
$
178,207
$
177,504
$
178,127
Interest rate spread
2.87
%
2.83
%
3.19
%
Net interest margin
3.80
%
3.78
%
3.99
%
See “Notes”
WSFS FINANCIAL CORPORATION FINANCIAL HIGHLIGHTS
(Continued) (Unaudited)
(Dollars in thousands, except per share
data)
Three months ended
Twelve months ended
Stock Information:
December 31, 2024
September 30, 2024
December 31, 2023
December 31, 2024
December 31, 2023
Market price of common stock:
High
$62.75
$58.59
$47.97
$62.75
$51.77
Low
47.87
45.42
33.12
40.20
29.59
Close
53.13
50.99
45.93
53.13
45.93
Book value per share of common stock
44.15
45.37
40.93
Tangible common book value (TBV) per share
of common stock (o)
27.30
28.56
24.33
Number of shares of common stock
outstanding (000s)
58,657
59,033
60,538
Other Financial Data:
One-year repricing gap to total assets
(k)
2.26%
(0.78)%
(0.14)%
Weighted average duration of the MBS
portfolio
5.9 years
5.7 years
5.8 years
Unrealized losses on securities available
for sale, net of taxes
$(537,790)
$(420,815)
$(499,932)
Number of Associates (FTEs) (m)
2,309
2,316
2,229
Number of offices (branches, LPO’s,
operations centers, etc.)
114
114
114
Number of WSFS owned and branded ATMs
567
569
590
Notes:
(a)
Annualized.
(b)
Computed on a fully tax-equivalent basis.
(c)
Noninterest expense divided by (tax-equivalent) net interest
income and noninterest income.
(d)
Includes securities held-to-maturity (at amortized cost) and
securities available-for-sale (at fair value).
(e)
Net of unearned income.
(f)
Net of allowance for credit losses.
(g)
Represents capital ratios of Wilmington Savings Fund Society,
FSB and subsidiaries. Capital Ratios for the current quarter are to
be considered preliminary until the Call Reports are filed.
(h)
Accruing loans which are contractually past due 90 days or more
as to principal or interest. Balance includes student loans, which
are U.S. government guaranteed with little risk of credit loss.
(i)
Excludes loans held for sale.
(j)
Nonperforming loans are included in average balance
computations.
(k)
The difference between projected amounts of interest-sensitive
assets and interest-sensitive liabilities repricing within one year
divided by total assets, based on a current interest rate
scenario.
(l)
Includes loans held for sale and reverse mortgages.
(m)
Includes seasonal Associates, when applicable.
(n)
Excludes reverse mortgage loans.
(o)
The Company uses non-GAAP (United States Generally Accepted
Accounting Principles) financial information in its analysis of the
Company’s performance. The Company’s management believes that these
non-GAAP financial measures provide a greater understanding of
ongoing operations, enhance comparability of results of operations
with prior periods and show the effects of significant gains and
charges in the periods presented. The Company’s management believes
that investors may use these non-GAAP financial measures to analyze
the Company’s financial performance without the impact of unusual
items or events that may obscure trends in the Company’s underlying
performance. This non-GAAP data should be considered in addition to
results prepared in accordance with GAAP, and is not a substitute
for, or superior to, GAAP results. For a reconciliation of these
and other non-GAAP financial measures to their comparable GAAP
measures, see "Non-GAAP Reconciliation" at the end of the press
release.
(p)
Includes commercial & industrial loans and commercial small
business leases.
(q)
Represents amortized cost basis for loans and leases.
(r)
Includes provision for credit losses, loan workout expenses,
OREO expenses and other credit costs.
(s)
Includes commercial mortgage and commercial construction
loans.
(t)
Includes nonaccruing troubled loans.
(u)
Represents loans modified in the form of principal forgiveness,
interest rate reduction, an other-than-insignificant payment delay,
or a term extension to borrowers experiencing financial
difficulty
WSFS FINANCIAL CORPORATION FINANCIAL HIGHLIGHTS
(Continued) (Dollars in thousands, except per share data)
(Unaudited)
Non-GAAP Reconciliation (o):
Three months ended
Twelve months ended
December 31, 2024
September 30, 2024
December 31, 2023
December 31, 2024
December 31, 2023
Net interest income (GAAP)
$
178,207
$
177,504
$
178,127
$
705,438
$
725,103
Core net interest income (non-GAAP)
178,207
177,504
178,127
705,438
725,103
Noninterest income (GAAP)
83,307
90,158
87,205
340,920
289,871
Less: Unrealized gain on equity
investments, net
—
—
338
—
329
Less: Realized gain on sale of equity
investment, net
123
56
9,493
2,309
9,493
Less/(plus): Visa derivative valuation
adjustment
—
—
(605
)
2,829
(2,460
)
Core fee revenue (non-GAAP)
$
83,184
$
90,102
$
77,979
$
335,782
$
282,509
Core net revenue (non-GAAP)
$
261,391
$
267,606
$
256,106
$
1,041,220
$
1,007,612
Core net revenue
(non-GAAP)(tax-equivalent)
$
261,811
$
267,991
$
256,523
$
1,042,785
$
1,009,427
Noninterest expense (GAAP)
$
169,126
$
163,723
$
147,646
$
637,689
$
561,633
Less: FDIC special assessment
—
—
5,052
880
5,052
Less: Corporate development expense
61
46
282
473
3,931
Less/(plus): Restructuring expense
2,193
—
557
2,193
(230
)
Plus: Remeasurement of lease liability
(112
)
—
—
(112
)
—
Less: Contribution to WSFS CARES
Foundation
—
—
2,000
—
2,000
Core noninterest expense (non-GAAP)
$
166,984
$
163,677
$
139,755
$
634,255
$
550,880
Core efficiency ratio (non-GAAP)
63.8
%
61.1
%
54.5
%
60.8
%
54.6
%
Core fee revenue ratio (non-GAAP) (b)
31.8
%
33.6
%
30.4
%
32.2
%
28.0
%
End of period
December 31, 2024
September 30, 2024
December 31, 2023
Total assets (GAAP)
$
20,814,303
$
20,905,209
$
20,594,672
Less: Goodwill and other intangible
assets
988,160
992,163
1,004,560
Total tangible assets (non-GAAP)
$
19,826,143
$
19,913,046
$
19,590,112
Total stockholders’ equity of WSFS
(GAAP)
$
2,589,752
$
2,678,264
$
2,477,636
Less: Goodwill and other intangible
assets
988,160
992,163
1,004,560
Total tangible common equity
(non-GAAP)
$
1,601,592
$
1,686,101
$
1,473,076
Tangible common book value (TBV) per
share:
Book value per share (GAAP)
$
44.15
$
45.37
$
40.93
Tangible common book value per share
(non-GAAP)
27.30
28.56
24.33
Tangible common equity to tangible
assets:
Equity to asset ratio (GAAP)
12.44
%
12.81
%
12.03
%
Tangible common equity to tangible assets
ratio (non-GAAP)
8.08
8.47
7.52
Non-GAAP Reconciliation - continued
(o):
Three months ended
Twelve months ended
December 31, 2024
September 30, 2024
December 31, 2023
December 31, 2024
December 31, 2023
GAAP net income attributable to WSFS
$
64,202
$
64,435
$
63,908
$
263,671
$
269,156
Plus/(less): Pre-tax adjustments:
Realized/unrealized gain on equity investments, net, Visa
derivative valuation adjustment, FDIC special assessment, corporate
development and restructuring expense, remeasurement of lease
liability, and contribution to WSFS CARES Foundation
2,019
(10
)
(1,335
)
(1,704
)
3,391
Plus: Tax adjustments: BOLI surrender
—
—
7,056
—
7,056
(Plus)/less: Tax impact of pre-tax
adjustments
(445
)
2
65
485
(764
)
Adjusted net income (non-GAAP)
attributable to WSFS
$
65,776
$
64,427
$
69,694
$
262,452
$
278,839
GAAP return on average assets (ROA)
1.21
%
1.22
%
1.25
%
1.27
%
1.33
%
Plus/(less): Pre-tax adjustments:
Realized/unrealized gain on equity investments, net, Visa
derivative valuation adjustment, FDIC special assessment, corporate
development and restructuring expense, remeasurement of lease
liability, and contribution to WSFS CARES Foundation
0.04
—
(0.03
)
(0.01
)
0.02
Plus: Tax adjustments: BOLI surrender
—
—
0.14
—
0.03
(Plus)/less: Tax impact of pre-tax
adjustments
(0.01
)
—
—
—
—
Core ROA (non-GAAP)
1.24
%
1.22
%
1.36
%
1.26
%
1.38
%
Earnings per share (diluted) (GAAP)
$
1.09
$
1.08
$
1.05
$
4.41
$
4.40
Plus/(less): Pre-tax adjustments:
Realized/unrealized gain on equity investments, net, Visa
derivative valuation adjustment, FDIC special assessment, corporate
development and restructuring expense, remeasurement of lease
liability, and contribution to WSFS CARES Foundation
0.03
—
(0.02
)
(0.03
)
0.05
Plus: Tax adjustments: BOLI surrender
—
—
0.12
—
0.12
(Plus)/less: Tax impact of pre-tax
adjustments
(0.01
)
—
—
0.01
(0.02
)
Core earnings per share (non-GAAP)
$
1.11
$
1.08
$
1.15
$
4.39
$
4.55
Calculation of return on average
tangible common equity:
GAAP net income attributable to WSFS
$
64,202
$
64,435
$
63,908
$
263,671
$
269,156
Plus: Tax effected amortization of
intangible assets
2,965
2,949
2,976
11,893
11,724
Net tangible income (non-GAAP)
$
67,167
$
67,384
$
66,884
$
275,564
$
280,880
Average stockholders’ equity of WSFS
$
2,643,325
$
2,575,182
$
2,281,076
$
2,535,737
$
2,300,467
Less: Average goodwill and intangible
assets
990,762
994,818
1,007,136
996,899
1,008,128
Net average tangible common equity
$
1,652,563
$
1,580,364
$
1,273,940
$
1,538,838
$
1,292,339
Return on average tangible common
equity (non-GAAP)
16.17
%
16.96
%
20.83
%
17.91
%
21.73
%
Non-GAAP Reconciliation - continued
(o):
Three months ended
Twelve months ended
December 31, 2024
September 30, 2024
December 31, 2023
December 31, 2024
December 31, 2023
Calculation of core return on average
tangible common equity:
Adjusted net income (non-GAAP)
attributable to WSFS
$
65,776
$
64,427
$
69,694
$
262,452
$
278,839
Plus: Tax effected amortization of
intangible assets
2,965
2,949
2,976
11,893
11,724
Core net tangible income (non-GAAP)
$
68,741
$
67,376
$
72,670
$
274,345
$
290,563
Net average tangible common equity
$
1,652,563
$
1,580,364
$
1,273,940
$
1,538,838
$
1,292,339
Core return on average tangible common
equity (non-GAAP)
16.55
%
16.96
%
22.63
%
17.83
%
22.48
%
Calculation of PPNR:
Net income (GAAP)
$
64,155
$
64,409
$
63,505
$
263,495
$
269,025
Plus: Income tax provision
20,197
21,108
29,365
83,764
96,245
Plus: Provision for credit losses
8,036
18,422
24,816
61,410
88,071
PPNR (non-GAAP)
$
92,388
$
103,939
$
117,686
$
408,669
$
453,341
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250127119107/en/
Investor Relations: Andrew Basile (302) 504-9857;
abasile@wsfsbank.com Media: Connor Peoples (215) 864-5645;
cpeoples@wsfsbank.com
WSFS Financial (NASDAQ:WSFS)
과거 데이터 주식 차트
부터 1월(1) 2025 으로 2월(2) 2025
WSFS Financial (NASDAQ:WSFS)
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부터 2월(2) 2024 으로 2월(2) 2025
