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 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 ...

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 ...

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Financial Data and Key Metrics Changes - Core earnings per share for the quarter was $1.08, with a core return on assets of 1.25% and a core return on tangible common equity of 18.83% [15][7] - Net charge-offs were reported at 30 basis points, excluding Upstart and NewLane, reflecting potential weakness in a small group of problem loans [16] - The company returned approximately 70% of earnings to shareholders, totaling $48.7 million, which included $9 million in dividends and $39.7 million in stock buybacks [4] Business Line Data and Key Metrics Changes - Core fee revenue reached $86 million, up 13% linked quarter and 28% year-over-year, driven by growth across all major fee businesses [21] - Wealth Management fee revenue grew 14% linked quarter and 16% year-over-year, attributed to strong results in institutional services and seasonal fees for tax services [21] - Cash Connect added nearly 8,000 service non-bank ATMs since Q3 2023, increasing its return on assets to 1.72% in Q2 [22] Market Data and Key Metrics Changes - Loans and deposits increased by 6% and 3% respectively on an annualized basis [2] - Deposit growth is projected to be flat year-over-year due to competitive pressures and the natural volatility of certain deposits [23] - The interest-bearing deposit beta is expected to be less than 55%, reflecting a shift in deposit mix and repricing of CDs [23] Company Strategy and Development Direction - The company remains well-positioned to execute its strategy and deliver sustainable top quintile financial performance [5] - The management assumes no interest rate cuts in 2024, using a no-cut scenario as a baseline for business planning [8] - The company continues to target a long-term commitment to return approximately 35% of net income through dividends and stock buybacks [16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to absorb unexpected changes due to strong earnings, liquidity, and capital positions [5] - The outlook for the second half of 2024 remains optimistic, with expectations for core ROA around 1.25% [7] - The company is monitoring potential losses from problem loans closely, indicating a cautious approach to the current economic environment [36] Other Important Information - Asset quality remained stable, with non-performing assets declining to 32 basis points of total assets and delinquencies dropping to 13 basis points [3] - The company has substantial capital levels above regulatory benchmarks, including the full impact of accumulated other comprehensive income (AOCI) [4] Q&A Session Summary Question: What is the outlook for fee revenue, particularly bailment fees? - Fee revenue was strong this quarter, with expectations for continued growth in the back half of the year [43] Question: Can you provide insights on the increase in problem loans? - The increase in problem loans was due to downgrades in three C&I loans, which are being closely monitored [92] Question: What are the expectations for net charge-offs in the second half of the year? - Net charge-off expectations remain unchanged, with potential increases depending on the performance of monitored loans [47] Question: How is the competitive landscape affecting deposit growth? - The competitive landscape has eased slightly, but the company remains focused on retaining its customer base [49] Question: What is the company's strategy regarding stock buybacks? - The company maintains its philosophy of returning 35% of net income through dividends and stock buybacks, with any incremental buybacks dependent on financial results and economic conditions [51]

Core Insights - WSFS Financial reported revenue of $266.05 million for the quarter ended June 2024, reflecting a 7% increase year-over-year [5] - The company achieved an EPS of $1.08, down from $1.16 in the same quarter last year [5] - The reported revenue exceeded the Zacks Consensus Estimate of $254.54 million, resulting in a surprise of +4.52% [1] - The EPS also surpassed expectations with a surprise of +3.85%, against a consensus estimate of $1.04 [1] Financial Metrics - Net Interest Margin was reported at 3.9%, slightly above the average estimate of 3.8% from two analysts [3] - The Efficiency Ratio stood at 58.5%, better than the estimated 59% [3] - Net Interest Income was $174.45 million, slightly below the estimate of $174.89 million [3] - Total Non-Interest Income reached $91.60 million, exceeding the average estimate of $79.64 million [3] - Mortgage banking activities netted $2.22 million, outperforming the estimated $1.70 million [3] Stock Performance - Over the past month, WSFS shares have returned +23.7%, contrasting with a -0.3% change in the Zacks S&P 500 composite [4] - The stock currently holds a Zacks Rank 3 (Hold), suggesting it may perform in line with the broader market in the near term [4]

This quarterly report represents an earnings surprise of 3.85%. A quarter ago, it was expected that this bank holding company would post earnings of $1.07 per share when it actually produced earnings of $1.11, delivering a surprise of 3.74%. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. While WSFS has outperformed the market so far this year, the question t ...

Financial Performance - Core ROA for Q2 2024 was 1.25% and core EPS was $1.08, reflecting a solid performance driven by fee revenue growth of 13%[4] - Total net revenue for Q2 2024 was $266.0 million, up from $251.1 million in Q1 2024, driven by a 20.7% increase in fee revenue[22] - GAAP net income attributable to WSFS for 2Q 2024 was $69.3 million, compared to $65.8 million in Q1 2024 and $68.7 million in Q2 2023[96] - Adjusted net income (non-GAAP) attributable to WSFS was $133.964 million for the latest quarter, compared to $132.097 million in the previous quarter, reflecting a slight increase[111] - Core earnings per share (non-GAAP) decreased to $1.08 from $1.11 in the previous quarter[114] Loan and Deposit Growth - Gross loan growth was 1% (6% annualized) from Q1 2024, primarily due to increases in commercial and industrial (C&I) and consumer portfolios[8] - Customer deposits increased by $30.6 million from June 30, 2023, primarily due to transactional accounts[14] - The gross loan and lease portfolio increased by $189.2 million, or 1% (6% annualized), compared to Q1 2024[32] - The loan-to-deposit ratio was 80% at June 30, 2024, indicating continued capacity for future loan growth[63] - Total customer deposits reached $16.291 billion, a slight increase from $16.187 billion in the previous quarter[124] Noninterest Income and Expenses - Core fee revenue increased by $18.6 million, or 28%, compared to Q2 2023, driven by strong performance in various business segments[42] - Noninterest income for 2Q 2024 was $91.6 million, up from $75.9 million in Q1 2024 and $66.9 million in Q2 2023[95] - Core noninterest expense increased by $17.5 million, or 13%, compared to Q2 2023, primarily due to higher salaries and benefits[45] - Total noninterest expense for the three months ended June 30, 2024, was $155.8 million, compared to $149.1 million in the previous quarter[103] Asset Quality - Problem loans increased to 4.76% of total gross loans, while net charge-offs remained consistent at 44 basis points[25] - The allowance for credit losses (ACL) was $198.3 million as of June 30, 2024, an increase of $5.6 million from Q1 2024[40] - Nonperforming assets decreased by $1.8 million, or 1 basis point of total assets, compared to Q1 2024, while net charge-offs increased to $14.2 million, or 0.44% of average gross loans[68] - The ratio of nonperforming assets to total assets improved to 0.32% from 0.16% a year earlier, indicating enhanced asset quality[105] Capital and Shareholder Returns - WSFS repurchased 897,461 shares of common stock at an average price of $44.20 per share, totaling $39.7 million[30] - Total capital returned to stockholders through share repurchases and dividends was $78.7 million for the year[50] - The common equity to assets ratio was 12.00% and tangible common equity to tangible assets ratio was 7.56% as of June 30, 2024[49] - Book value per share increased to $42.01, up $0.84 or 2% from March 31, 2024, while tangible book value per share rose to $25.20, an increase of $0.68 or 3%[78] - The market price of common stock closed at $47.00 on June 30, 2024, compared to $37.72 a year earlier, marking a 24.06% increase[108] Operational Metrics - The efficiency ratio improved to 58.46% in Q2 2024 from 59.28% in Q1 2024[60] - The core efficiency ratio was 59.8% in Q2 2024, compared to 58.6% in Q1 2024 and 55.5% in Q2 2023[74] - Total assets reached $20,786,328, reflecting a stable growth compared to previous quarters[1] - Total assets (GAAP) increased to $20.74 billion as of June 30, 2024, from $20.58 billion at the end of 1Q 2024[95] - The company maintained 114 offices, consistent with the previous year, indicating stability in its operational footprint[108] Tax and Regulatory Compliance - The effective tax rate decreased to 23.5% in 2Q 2024 from 24.4% in 1Q 2024 and 25.1% in 2Q 2023, primarily due to solar tax credit investments[75] - As of June 30, 2024, the Tier 1 leverage ratio was 10.44%, Common Equity Tier 1 capital ratio was 13.07%, and Total Risk-based capital ratio was 14.32%, all exceeding regulatory benchmarks[77] - The common equity Tier 1 capital ratio was reported at 13.07%, down from 13.68% in June 2023, but still above the well-capitalized threshold[105]

The upcoming report from WSFS Financial (WSFS) is expected to reveal quarterly earnings of $1.04 per share, indicating a decline of 10.3% compared to the year-ago period. Analysts forecast revenues of $254.54 million, representing an increase of 2.3% year over year. Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 1.4% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period. Before a ...

Company Overview - WSFS Financial (WSFS) shares increased by 7.1% to close at $54.36, with notable trading volume compared to typical sessions, and a total gain of 15.3% over the past four weeks [1][2] Market Context - The positive movement in WSFS shares is part of a broader trend in finance stocks, which have been affected by the Federal Reserve's monetary tightening. As interest rates decrease, banks' funding costs are expected to decline, and loan demand is anticipated to improve, leading to increased investor confidence in the banking sector [2][5] Earnings Expectations - WSFS is projected to report quarterly earnings of $1.04 per share, reflecting a year-over-year decline of 10.3%. Revenue is expected to reach $254.54 million, marking a 2.3% increase from the previous year [6] - The consensus EPS estimate for WSFS has been revised 1.4% lower in the last 30 days, indicating a negative trend in earnings estimate revisions, which typically does not correlate with price appreciation [7] Industry Performance - WSFS operates within the Zacks Financial - Savings and Loan industry, which has seen positive movements, including Flushing Financial (FFIC) shares rising by 5.3% to $15.30, with a 20.5% return over the past month [8]