WSFS Financial (US:WSFS)2025-05-07 16:51Financial Performance - The company reported earnings per share (EPS) of $1.12 and a return on assets (ROA) of 1.29% for the three months ended March 31, 2025, compared to $1.09 and 1.28% for the same period in 2024[175]. - Net income attributable to the company for the three months ended March 31, 2025, was $65.9 million, slightly up from $65.8 million in the same period of 2024[197]. - Noninterest income for the three months ended March 31, 2025, was $80.9 million, an increase of $5.0 million from $75.9 million in the same period of 2024, driven by a $6.4 million increase in the Wealth and Trust segment[205]. - Noninterest income increased by $5.0 million, driven by growth in Wealth and Trust services[197]. - Net interest income for the three months ended March 31, 2025, decreased by $0.1 million compared to the same period in 2024, totaling $175.2 million[199]. Asset and Liability Management - As of March 31, 2025, WSFS Financial Corporation had total assets of $20.5 billion and assets under management (AUM) and assets under administration (AUA) of $89.6 billion[173]. - Total liabilities decreased by $347.2 million to $17.9 billion at March 31, 2025, compared to December 31, 2024[176]. - Client deposits decreased by $150.7 million, primarily due to expected outflows in Trust deposits[180]. - The company maintained a total common equity Tier 1 capital ratio of 14.12% and total risk-based capital of 15.36%, well above regulatory requirements[181]. - Interest-earning assets exceeded interest-bearing liabilities maturing or repricing within one year by $473.6 million as of March 31, 2025[194]. Equity and Dividends - The Board of Directors approved a 13% increase in the quarterly cash dividend to $0.17 per share and authorized a share repurchase of 10% of outstanding shares[178]. - Stockholders' equity increased by $81.9 million to $2.7 billion at March 31, 2025, primarily due to $65.9 million in earnings[177]. - Stockholders' equity increased to $2,671,614 thousand as of March 31, 2025, from $2,589,752 thousand as of December 31, 2024[211]. - Tangible common equity as of March 31, 2025, was $1,687,732 thousand, up from $1,601,592 thousand as of December 31, 2024[211]. - Book value per share of common stock increased to $46.31 as of March 31, 2025, from $44.15 as of December 31, 2024[211]. Credit Quality - Nonperforming assets decreased by $10.5 million from December 31, 2024, to March 31, 2025, primarily due to the charge-off of a nonperforming commercial and industrial loan[191]. - The ratio of nonperforming assets to total assets improved from 0.61% at December 31, 2024, to 0.57% at March 31, 2025[191]. - The provision for credit losses rose by $2.2 million due to a charge-off of a nonperforming loan, partially offset by a lower provision on the consumer portfolio[197]. - The total allowance for credit losses decreased to $188.1 million as of March 31, 2025, from $195.3 million at December 31, 2024, with the ratio to total loans and leases decreasing to 1.43%[202]. - The charge-offs for the three months ended March 31, 2025, amounted to $27.1 million, with net charge-offs totaling $24.6 million[203]. Expenses and Taxation - Noninterest expense for the three months ended March 31, 2025, was $151.8 million, an increase of $2.7 million from $149.1 million for the same period in 2024, primarily due to a $6.7 million increase in salaries and benefits[206]. - Income tax expense for the three months ended March 31, 2025, was $21.1 million, compared to $21.2 million for the same period in 2024[207]. - The effective tax rate for the three months ended March 31, 2025, was 24.3%, slightly down from 24.4% in the same period of 2024[208]. Interest and Margin - The net interest margin increased to 3.88% for the three months ended March 31, 2025, up from 3.84% in the prior year, driven by deposit repricing actions[175]. - The interest rate spread for Q1 2025 was 3.05%, compared to 2.98% in Q1 2024[199]. - The total interest-earning assets were $18.38 billion, generating interest income of $250.9 million in Q1 2025[198]. - The total interest-bearing liabilities were $12.27 billion, with interest expense of $75.7 million in Q1 2025[198].