WSFS Financial (US:WSFS)2021-04-23 19:26Financial Highlights - The company's core Return on Average Assets (ROA) was 189%, an increase from 167% in 4Q 2020[19] - Net credit costs (recoveries) amounted to ($190) million, while net charge-offs were $38 million, representing 018% of average gross loans[19] - The Allowance for Credit Losses (ACL) coverage ratio stood at 251%, excluding PPP loans as of March 31, 2021[19] - Core fee revenue accounted for 293% of total core net revenue[19] Loan and Deposit Portfolio - Commercial run-off portfolios acquired from Beneficial Bancorp Inc decreased to $55 million[22] - Total core deposits increased by $646 million, representing a 25% growth, and $2973 billion, representing a 36% growth year-over-year[24] - Noninterest demand deposits increased by $443 million, representing a 53% growth, and $1543 billion, representing a 67% growth year-over-year[24] Net Interest Margin (NIM) - The Net Interest Margin (NIM) was 359%[19] - Negative excess liquidity impacted NIM by 039%[29] Strategic Initiatives and Outlook - The company supported nearly $300 million in second-round PPP loans to over 1,800 customers[19] - The Board of Directors approved an 8% increase in the quarterly cash dividend, setting it at $013 per share, and repurchased 267,309 shares, totaling $120 million[19] - The company announced an agreement to acquire Bryn Mawr Bank Corporation, with the transaction expected to close in early 4Q 2021[19]