WSFS Financial (WSFS)

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WSFS Financial (WSFS) - 2024 Q4 - Earnings Call Presentation
2025-01-29 01:54
Financial Performance - The company's reported EPS was $1.09 in 4Q24 and $4.41 for the full year FY24[6] - Core EPS was $1.11 in 4Q24 and $4.39 for FY24[6] - The reported Return on Assets (ROA) was 1.21% for 4Q24 and 1.27% for FY24[6] - Net income was $64.2 million for 4Q24 and $263.7 million for FY24[6] - Pre-provision Net Revenue (PPNR) reached $92.4 million for 4Q24 and $408.7 million for FY24[6] Balance Sheet & Key Ratios - Customer Deposits increased by $602.8 million in 4Q, resulting in a full-year increase of $607.4 million or 4%[8] - Loans declined by $123.1 million in 4Q, but increased by $442.6 million or 3% for the full year[8] - The Net Interest Margin (NIM) was 3.80% in 4Q24[6] - The company's core fee revenue ratio was 31.8% for 4Q24 and 32.5% for FY24[6] - The ACL ratio was 1.48%[6]
WSFS (WSFS) Q4 Earnings: How Key Metrics Compare to Wall Street Estimates
ZACKS· 2025-01-28 00:32
Core Insights - WSFS Financial reported revenue of $261.51 million for the quarter ended December 2024, a decrease of 1.4% year-over-year, and EPS of $1.11, down from $1.15 in the same quarter last year [1] - The revenue fell short of the Zacks Consensus Estimate of $266.75 million by 1.96%, while the EPS exceeded the consensus estimate of $0.98 by 13.27% [1] Financial Metrics - Net Interest Margin was reported at 3.8%, surpassing the two-analyst average estimate of 3.7% [4] - Efficiency Ratio stood at 64.6%, higher than the two-analyst average estimate of 61.5% [4] - Net Interest Income reached $178.21 million, exceeding the average estimate of $175.60 million based on two analysts [4] - Total Non-Interest Income was $83.31 million, below the two-analyst average estimate of $91.15 million [4] Stock Performance - Over the past month, WSFS shares returned +0.8%, compared to a +1.1% change in the Zacks S&P 500 composite [3] - The stock currently holds a Zacks Rank 3 (Hold), indicating expected performance in line with the broader market in the near term [3]
WSFS Financial (WSFS) Q4 Earnings Beat Estimates
ZACKS· 2025-01-27 23:26
Group 1 - WSFS Financial reported quarterly earnings of $1.11 per share, exceeding the Zacks Consensus Estimate of $0.98 per share, but down from $1.15 per share a year ago, representing an earnings surprise of 13.27% [1] - The company posted revenues of $261.51 million for the quarter ended December 2024, missing the Zacks Consensus Estimate by 1.96%, compared to year-ago revenues of $265.33 million [2] - Over the last four quarters, WSFS has surpassed consensus EPS estimates three times and topped consensus revenue estimates two times [2] Group 2 - The stock's immediate price movement will depend on management's commentary during the earnings call and the sustainability of earnings expectations [3][4] - WSFS shares have increased by approximately 1.3% since the beginning of the year, while the S&P 500 has gained 3.7% [3] - The current consensus EPS estimate for the coming quarter is $1.03 on revenues of $264.94 million, and for the current fiscal year, it is $4.23 on revenues of $1.09 billion [7] Group 3 - The Zacks Industry Rank indicates that the Financial - Savings and Loan sector is in the top 11% of over 250 Zacks industries, suggesting a favorable outlook for stocks in this category [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5] - The current estimate revisions trend for WSFS is mixed, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6]
WSFS Financial (WSFS) - 2024 Q4 - Annual Results
2025-01-27 21:13
Financial Performance - 4Q 2024 EPS was $1.09, with a full-year EPS of $4.41, reflecting strong financial performance [2] - Net interest income for 4Q 2024 was $178.2 million, while total net revenue was $261.5 million, showing a slight decrease from 3Q 2024 [3] - Core ROA for 4Q 2024 was 1.24%, up from 1.22% in 3Q 2024, indicating improved asset efficiency [7] - The efficiency ratio for 4Q 2024 was 64.6%, compared to 61.1% in 3Q 2024, reflecting increased noninterest expenses [3] - Net interest margin was 3.80%, an increase of 2bps from Q3 2024, but a decrease of 19bps from Q4 2023 [16] - Net income attributable to WSFS for the twelve months ended December 31, 2024, was $263.671 million, slightly down from $269.156 million in 2023 [43] - GAAP net income attributable to WSFS for Q4 2024 was $64,202, compared to $63,908 in Q4 2023, reflecting a year-over-year increase of 0.46% [50] Customer Deposits and Loans - Customer deposits increased by $602.8 million, or 4% (not annualized), compared to 3Q 2024, driven by growth across Trust, Consumer, and Commercial business lines [10] - Total customer deposits increased by $607.4 million, or 4%, from December 31, 2023, driven by growth in Consumer and Commercial businesses [11] - Total gross loans decreased by $123.1 million, or 1% (4% annualized), from 3Q 2024, primarily due to higher commercial payoffs [8] - The loan-to-deposit ratio was 77% at December 31, 2024, providing capacity for future loan growth [12] - Net loans and leases increased to $13,045,917, up from $12,612,470, representing a growth of 3.43% year-over-year [45] Noninterest Income and Expenses - Fee revenue in Wealth and Trust reached a quarterly record with a 12% year-over-year growth [7] - Core fee revenue for Q4 2024 was $83.2 million, a decrease of $6.9 million, or 8%, compared to Q3 2024, but an increase of $5.2 million, or 7%, compared to Q4 2023 [22] - Noninterest income for the three months ended December 31, 2024, was $83.307 million, a decrease of 7.8% from $90.158 million in the previous quarter [43] - Noninterest expense for Cash Connect increased to $25.2 million, up from $26.1 million in Q3 2024, largely due to one-time charges related to the terminated client [38] - Core noninterest expense increased to $167.0 million, up $3.3 million, or 2%, from Q3 2024, and up $27.2 million, or 19%, from Q4 2023 [24] Shareholder Actions - WSFS repurchased 393,238 shares of common stock at an average price of $53.27 per share, totaling $20.9 million in 4Q 2024 [7] - During Q4 2024, the company repurchased 393,238 shares of common stock for $20.9 million, with approximately 6% of outstanding shares remaining for repurchase under current authorization [31] Asset Management - Total Assets Under Management (AUM) reached $89.4 billion, reflecting a 6% increase compared to Q4 2023, despite a 2% decrease from Q3 2024 [36] - Wealth Management segment achieved pre-tax income of $33.1 million, a 9% increase from Q3 2024, driven by a $1.5 million rise in net interest income and a $3.0 million increase in fee revenue [34] Tax and Equity - The effective tax rate for Q4 2024 was 23.9%, down from 24.7% in Q3 2024 and 31.6% in Q4 2023 [26] - Total stockholders' equity decreased by $88.5 million, or 3%, during Q4 2024, primarily due to an increase in accumulated other comprehensive loss [29] - Book value per share was $44.15, a decrease of $1.22, or 3%, from Q3 2024, but an increase of $3.22, or 8%, compared to Q4 2023 [30] Risk Factors and Future Outlook - Forward-looking statements indicate potential risks including market conditions, interest rate changes, and regulatory compliance that could impact future performance [42] - The company is actively pursuing recovery of costs related to the terminated Cash Connect client through insurance and other means [38]
Countdown to WSFS (WSFS) Q4 Earnings: A Look at Estimates Beyond Revenue and EPS
ZACKS· 2025-01-22 15:20
Core Insights - WSFS Financial is expected to report quarterly earnings of $0.98 per share, reflecting a decline of 14.8% year-over-year, while revenues are forecasted to be $266.75 million, indicating a slight increase of 0.5% [1] - There have been no revisions in the consensus EPS estimate over the last 30 days, suggesting stability in analysts' forecasts [1][2] - The consensus estimates for key metrics include a 'Net Interest Margin' of 3.7%, down from 4% in the same quarter last year, and an 'Efficiency Ratio' of 61.5%, up from 55.6% year-over-year [4] Financial Metrics - Analysts expect 'Total Non-Interest Income' to be $91.15 million, an increase from $87.21 million a year ago [5] - 'Net Interest Income' is projected to reach $175.60 million, down from $178.13 million in the previous year [5] - WSFS shares have increased by 1.6% over the past month, compared to a 2.1% increase in the Zacks S&P 500 composite [6]
WSFS Financial (WSFS) - 2024 Q3 - Quarterly Report
2024-11-06 19:24
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Large accelerated filer x Accelerated filer ☐ Emerging growth company ☐ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-35638 WSFS FINANCIAL CORPORATION (Exact name of regi ...
Compared to Estimates, WSFS (WSFS) Q3 Earnings: A Look at Key Metrics
ZACKS· 2024-10-25 00:00
WSFS Financial (WSFS) reported $267.66 million in revenue for the quarter ended September 2024, representing a year-over-year increase of 4.9%. EPS of $1.08 for the same period compares to $1.23 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $264.67 million, representing a surprise of +1.13%. The company has not delivered EPS surprise, with the consensus EPS estimate being $1.08.While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall ...
WSFS Financial (WSFS) Matches Q3 Earnings Estimates
ZACKS· 2024-10-24 22:31
WSFS Financial (WSFS) came out with quarterly earnings of $1.08 per share, in line with the Zacks Consensus Estimate. This compares to earnings of $1.23 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this bank holding company would post earnings of $1.04 per share when it actually produced earnings of $1.08, delivering a surprise of 3.85%.Over the last four quarters, the company has surpassed consensus EPS estimates three times.WSFS, which belong ...
WSFS Financial (WSFS) - 2024 Q3 - Quarterly Results
2024-10-24 20:09
WSFS Bank Center WSFS Bank Place 1 500 Delaware Avenue 1818 Market Street Wilmington, DE 19801 Philadelphia, PA 19103 EXHIBIT 99.1 FOR IMMEDIATE RELEASE Investor Relations Contact: Andrew Basile (302) 504-9857; abasile@wsfsbank.com October 24, 2024 Media Contact: Kyle Babcock (215) 864-1795; kbabcock@wsfsbank.com WSFS REPORTS 3Q 2024 ROA OF 1.22% AND EPS OF $1.08; RESULTS REFLECT CONTINUED LOAN, DEPOSIT, AND FEE REVENUE GROWTH Wilmington, DE — WSFS Financial Corporation (Nasdaq: WSFS), the parent company of ...
Unlocking Q3 Potential of WSFS (WSFS): Exploring Wall Street Estimates for Key Metrics
ZACKS· 2024-10-23 14:21
Analysts on Wall Street project that WSFS Financial (WSFS) will announce quarterly earnings of $1.08 per share in its forthcoming report, representing a decline of 12.2% year over year. Revenues are projected to reach $264.67 million, increasing 3.7% from the same quarter last year.The consensus EPS estimate for the quarter has undergone a downward revision of 0.9% in the past 30 days, bringing it to its present level. This represents how the covering analysts, as a whole, have reassessed their initial esti ...