WSFS Financial Corp

Latest Results (01.01.2025):

Net Income and Earnings Per Share

In the third quarter of 2024, WSFS Financial Corp reported a net income attributable to WSFS of $64.4 million. The earnings per share (EPS) for this period was $1.08, reflecting a slight decrease from the previous quarter's EPS of $1.16. This performance indicates a stable earnings environment despite the challenges in the broader economic landscape.

Revenue and Fee Income

WSFS Financial Corp's total net revenue for the third quarter of 2024 was $267.7 million, showing a modest increase from $266.0 million in the second quarter. Fee revenue, which constituted 33.6% of the total net revenue, amounted to $90.2 million, marking a 5% increase from the previous quarter. This growth was driven by strong performance in their partnership with Spring EQ and Cash Connect® services.

Loan and Deposit Growth

During the third quarter of 2024, WSFS Financial Corp experienced a 1% growth in gross loans, translating to a 5% annualized increase. This growth was primarily fueled by the commercial, consumer, and residential mortgage portfolios. Additionally, customer deposits rose by 1% (3% annualized), supported by seasonal municipal deposit inflows and an increase in customer time deposits.

Net Interest Margin and Credit Costs

WSFS Financial Corp reported a net interest margin of 3.78% for the third quarter of 2024, slightly down from 3.85% in the previous quarter. This decline was attributed to higher deposit costs and marginally lower asset yields. Total net credit costs increased to $20.1 million, with a decrease in the provision for credit losses being offset by higher reserves for unfunded loan commitments.

Share Repurchase and Dividends

In the third quarter of 2024, WSFS Financial Corp repurchased 266,672 shares of common stock at an average price of $51.82 per share, totaling $13.8 million. The tangible common book value per share increased by $3.36 to $28.56. The Board of Directors also declared a quarterly cash dividend of $0.15 per share, reflecting the company's commitment to returning value to shareholders.