WSFS Reports 4Q 2024 EPS of $1.09, ROA of 1.21%, NIM of 3.80%; Strong Deposit Growth and Record Wealth and Trust Revenue Full-Year EPS of $4.41 and ROA of 1.27%
WSFS Financial reported strong Q4 2024 financial results with earnings per share of $1.09 and core EPS of $1.11. Key highlights include:
- Net interest margin of 3.80%, up from 3.78% in Q3 2024
- Customer deposits increased 4% from Q3 2024 and 4% year-over-year
- Record fee revenue in Wealth and Trust division with 12% YoY growth
- Total net credit costs decreased to $8.7 million from $20.1 million in Q3 2024
- Full-year 2024 performance showed core EPS of $4.39 and core ROA of 1.26%
The company repurchased 393,238 shares at an average price of $53.27 per share, totaling $20.9 million. For the full year 2024, WSFS repurchased 2,049,739 shares (3% of outstanding shares) at an average price of $46.55, returning $95.4 million to shareholders.
WSFS Financial ha riportato risultati finanziari solide per il quarto trimestre del 2024, con un utile per azione di $1,09 e un EPS core di $1,11. Ecco i punti salienti:
- Margine di interesse netto del 3,80%, in aumento rispetto al 3,78% del terzo trimestre del 2024
- I depositi dei clienti sono aumentati del 4% rispetto al terzo trimestre del 2024 e del 4% su base annua
- Record di entrate da commissioni nella divisione Wealth and Trust con una crescita del 12% su base annua
- I costi netti dei crediti totali sono diminuiti a $8,7 milioni da $20,1 milioni nel terzo trimestre del 2024
- Le performance dell'intero anno 2024 hanno mostrato un EPS core di $4,39 e un ROA core dell'1,26%
L'azienda ha riacquistato 393.238 azioni a un prezzo medio di $53,27 per azione, per un totale di $20,9 milioni. Per l'intero anno 2024, WSFS ha riacquistato 2.049.739 azioni (3% delle azioni in circolazione) a un prezzo medio di $46,55, restituendo $95,4 milioni agli azionisti.
WSFS Financial reportó resultados financieros sólidos para el cuarto trimestre de 2024, con ganancias por acción de $1,09 y un EPS operativo de $1,11. Los aspectos destacados incluyen:
- Margen de interés neto del 3,80%, en aumento desde el 3,78% del tercer trimestre de 2024
- Los depósitos de clientes aumentaron un 4% respecto al tercer trimestre de 2024 y un 4% en comparación anual
- Ingresos por comisiones récord en la división Wealth and Trust con un crecimiento del 12% interanual
- Los costos netos del crédito total disminuyeron a $8,7 millones desde $20,1 millones en el tercer trimestre de 2024
- El rendimiento del año completo 2024 mostró un EPS operativo de $4,39 y un ROA operativo del 1,26%
La empresa recompró 393,238 acciones a un precio promedio de $53,27 por acción, totalizando $20,9 millones. Para todo el año 2024, WSFS recompró 2,049,739 acciones (3% de las acciones en circulación) a un precio promedio de $46,55, devolviendo $95,4 millones a los accionistas.
WSFS 금융은 2024년 4분기 재무 결과를 발표했으며, 주당 순이익이 $1.09이고 핵심 EPS가 $1.11입니다. 주요 사항은 다음과 같습니다:
- 순이자 마진이 3.80%로, 2024년 3분기 3.78%에서 증가했습니다.
- 고객 예치금이 2024년 3분기 대비 4%, 전년 대비 4% 증가했습니다.
- 자산 및 신탁 부문에서 수수료 수익이 기록적인 12% 성장했습니다.
- 총 순 신용 비용이 2024년 3분기 $20.1백만에서 $8.7백만으로 감소했습니다.
- 2024년 전체 실적은 핵심 EPS가 $4.39, 핵심 ROA가 1.26%로 나타났습니다.
회사는 평균 $53.27의 가격으로 393,238주를 재구매했으며, 총 금액은 $20.9백만입니다. 2024년 전체에 대해 WSFS는 2,049,739주(발행 주식의 3%)를 평균 $46.55의 가격으로 재구매하여 주주들에게 $95.4백만을 반환했습니다.
WSFS Financial a rapporté de solides résultats financiers pour le quatrième trimestre 2024, avec un bénéfice par action de 1,09 $ et un EPS central de 1,11 $. Les points saillants comprennent :
- Marge d'intérêt nette de 3,80 %, en hausse par rapport à 3,78 % au troisième trimestre 2024
- Les dépôts des clients ont augmenté de 4 % par rapport au troisième trimestre 2024 et de 4 % par rapport à l'année précédente
- Recettes de frais record dans la division Wealth and Trust avec une croissance de 12 % par rapport à l'année précédente
- Les coûts nets de crédit totaux ont diminué à 8,7 millions $ contre 20,1 millions $ au troisième trimestre 2024
- La performance de l'année entière 2024 a montré un EPS central de 4,39 $ et un ROA central de 1,26 %
L'entreprise a racheté 393 238 actions à un prix moyen de 53,27 $ par action, pour un total de 20,9 millions $. Pour l'année entière 2024, WSFS a racheté 2 049 739 actions (3 % des actions en circulation) à un prix moyen de 46,55 $, restituant ainsi 95,4 millions $ aux actionnaires.
WSFS Financial hat starke Finanzergebnisse für das vierte Quartal 2024 gemeldet, mit einem Gewinn pro Aktie von 1,09 $ und einem Kern-EPS von 1,11 $. Wichtige Highlights umfassen:
- Nettomargen von 3,80 %, gestiegen von 3,78 % im dritten Quartal 2024
- Die Kundeneinlagen stiegen im Vergleich zum dritten Quartal 2024 um 4 % und um 4 % im Jahresvergleich
- Rekordgebühreneinnahmen in der Wealth and Trust-Division mit 12 % Wachstum im Jahresvergleich
- Die gesamten Nettokreditkosten sanken von 20,1 Millionen $ im dritten Quartal 2024 auf 8,7 Millionen $
- Die Jahresleistung 2024 zeigte einen Kern-EPS von 4,39 $ und einen Kern-ROA von 1,26 %
Das Unternehmen hat 393.238 Aktien zu einem durchschnittlichen Preis von 53,27 $ pro Aktie zurückgekauft, was insgesamt 20,9 Millionen $ entspricht. Im gesamten Jahr 2024 hat WSFS 2.049.739 Aktien (3 % der ausstehenden Aktien) zu einem durchschnittlichen Preis von 46,55 $ zurückgekauft und damit 95,4 Millionen $ an die Aktionäre zurückgegeben.
- Strong deposit growth of 4% QoQ and YoY
- Record Wealth and Trust fee revenue with 12% YoY growth
- Decreased net credit costs from $20.1M to $8.7M QoQ
- Net interest margin improved to 3.80% from 3.78% QoQ
- Significant capital return to shareholders through $95.4M in share repurchases
- Core efficiency ratio increased to 63.8% from 61.1% QoQ
- Gross loans decreased 1% QoQ
- Core fee revenue decreased 8% QoQ
- Core noninterest expense increased 19% YoY
Insights
WSFS delivered a mixed but fundamentally solid quarter that demonstrates resilience in a challenging banking environment. Several key metrics warrant attention:
Core Earnings Quality: The
Fee Revenue Strength & Diversification: The
Credit Quality Dynamics: The reduction in net credit costs to
Capital & Liquidity Position: The bank maintains strong capital ratios well above regulatory requirements. The active capital return program, with
Strategic Positioning: WSFS's recognition by Newsweek as one of America's Best Regional Banks validates its competitive position in the Greater Philadelphia and Delaware region. The focus on relationship banking, evidenced by
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
"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
"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
"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 to1.22% for 3Q 2024. -
Core EPS was
$1.11 $1.08 -
Customer deposits increased
4% (not annualized) compared to 3Q 2024 and4% compared to 4Q 2023, driven by broad-based growth across our Trust, Consumer, and Commercial business lines. -
Net interest margin of
3.80% , compared to3.78% 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 $20.1 million -
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 increased3% 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 -
WSFS repurchased 393,238 shares of common stock at an average price of
$53.27 $20.9 million $0.15 3% , of shares outstanding, at an average price of$46.55 $95.4 million
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
Gross loans and leases at December 31, 2024 increased
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
Total customer deposits increased by
The deposit base remains well-diversified, with
Core deposits were
(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
Total loan yields were
Net interest margin of
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
Problem assets to total Tier 1 capital plus ACL ratio was
Delinquencies of
Nonperforming assets increased
Net charge-offs decreased
The ACL was
(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
Core fee revenue increased
For 4Q 2024, our core fee revenue ratio(5) was
(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
Core noninterest expense increased
The
Our core efficiency ratio(6) was
Income Taxes
We recorded a
The effective tax rate was
(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
WSFS’ total stockholders’ equity decreased
WSFS’ tangible common equity(7) decreased
At December 31, 2024, book value per share was
During 4Q 2024, WSFS repurchased 393,238 shares of common stock for an aggregate of
The Board of Directors approved a quarterly cash dividend of
(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
Wealth Management pre-tax income increased
Net AUM of
(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
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
|
|
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
Excluding the impacts of the terminated relationship, pre-tax net income decreased
(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
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: |
|
|
13.88 |
|
|
|
13.46 |
|
|
|
13.72 |
|
Tier 1 leverage (required: |
|
|
11.03 |
|
|
|
10.68 |
|
|
|
10.92 |
|
Tier 1 risk-based capital (required: |
|
|
13.88 |
|
|
|
13.46 |
|
|
|
13.72 |
|
Total risk-based capital (required: |
|
|
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 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 |
|
|
|
|
|
|
|
|
|
|
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) |
|
|
|
(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 |
|
|
|
|
|
|
|
|
|
|
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 |
(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,
|
|
September 30,
|
|
December 31,
|
|
December 31,
|
|
December 31,
|
||||||||||
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,
|
|
September 30,
|
|
December 31,
|
|
|
|
|
||||||||||
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
Source: WSFS Financial Corporation
FAQ
What was WSFS Financial's earnings per share (EPS) in Q4 2024?
How much did WSFS's customer deposits grow in Q4 2024?
What was WSFS's net interest margin in Q4 2024?
How many shares did WSFS repurchase in 2024?
What was WSFS's full-year EPS for 2024?
