WSFS Financial Corp
NASDAQ:WSFS

  • LAST PRICE
    42.8500
  • TODAY'S CHANGE (%)
    -1.6800 (-3.7727%)
  • Bid / Lots
    17.1800/ 2
  • Ask / Lots
    46.0000/ 3
  • Open / Previous Close
    43.8900 / 44.5300
  • Day Range
    42.6300
    44.3700
  • 52 Week Range
    29.5859
    47.9700
  • Volume
    294,322

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  • Apr 25, 2024

      Show headlines and story abstract

    • 4:13PM ET on Thursday Apr 25, 2024 by MT Newswires
      Companies Mentioned: WSFS
      04:13 PM EDT, 04/25/2024 (MT Newswires) -- ...

    • 4:05PM ET on Thursday Apr 25, 2024 by Business Wire
      Companies Mentioned: WSFS

      WSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, today announced its financial results for the first quarter of 2024.

      Selected financial results and metrics are as follows:

    • 4:05PM ET on Thursday Apr 25, 2024 by Dow Jones
      Companies Mentioned: WSFS

    • 4:05PM ET on Thursday Apr 25, 2024 by Dow Jones
      Companies Mentioned: WSFS
      (o): Three months ended ------------------------------------------------- December 31, March 31, 2024 2023 March 31, 2023 --------------- --------------- --------------- Net interest income (GAAP) $ 175,278 $ 178,127 $ 182,532 Core net interest income (non-GAAP) 175,278 178,127 182,532 Noninterest income (GAAP) 75,857 87,205 63,127 Less/(plus): Unrealized gain (loss) on equity investments, net -- 338 (4) Less: Realized gain on sale of equity investment, net -- 9,493 -- Plus: Visa derivative valuation adjustment (605) (605) (553) ---------- ---------- ---------- Core fee revenue (non-GAAP) $ 76,462 $ 77,979 $ 63,684 ---------- ---------- ---------- Core net revenue (non-GAAP) $ 251,740 $ 256,106 $ 246,216 ========== ========== ========== Core net revenue (non-GAAP)(tax-equivalent) $ 252,084 $ 256,523 $ 246,859 ========== ========== ========== Noninterest expense (GAAP) $ 149,072 $ 147,646 $ 133,045 Less: FDIC special assessment 1,263 5,052 -- Less: Corporate development expense 208 282 740 Less/(plus): Restructuring expense -- 557 (761) Less: Contribution to WSFS CARES Foundation -- 2,000 -- ---------- ---------- ---------- Core noninterest expense (non-GAAP) $ 147,601 $ 139,755 $ 133,066 ========== ========== ========== Core efficiency ratio (non-GAAP) 58.6% 54.5% 53.9% Core fee revenue ratio (non-GAAP) (b) 30.3% 30.4% 25.8% End of period ------------------------------------------------- December 31, March 31, 2024 2023 March 31, 2023 --------------- --------------- --------------- Total assets (GAAP) $20,579,248 $20,594,672 $20,319,290 Less: Goodwill and other intangible assets 1,000,344 1,004,560 1,008,250 ---------- ---------- ---------- Total tangible assets (non-GAAP) $19,578,904 $19,590,112 $19,311,040 ========== ========== ========== Total stockholders' equity of WSFS (GAAP) $ 2,473,481 $ 2,477,636 $ 2,306,362 Less: Goodwill and other intangible assets 1,000,344 1,004,560 1,008,250 ---------- ---------- ---------- Total tangible common equity (non-GAAP) $ 1,473,137 $ 1,473,076 $ 1,298,112 ========== ========== ========== Tangible common book value (TBV) per share: Book value per share (GAAP) $ 41.17 $ 40.93 $ 37.57 Tangible common book value per share (non-GAAP) 24.52 24.33 21.15 Tangible common equity to tangible assets: Equity to asset ratio (GAAP) 12.02% 12.03% 11.35% Tangible common equity to tangible assets ratio (non-GAAP) 7.52 7.52 6.72 Non-GAAP Reconciliation - continued (o): Three months ended ---------------------------------------------- December 31, March 31, 2024 2023 March 31, 2023 -------------- -------------- -------------- GAAP net income attributable to WSFS $ 65,761 $ 63,908 $ 62,404 Plus/(less): Pre-tax adjustments: Realized/unrealized gain (loss) on equity investments, net, Visa derivative valuation adjustment, FDIC special assessment, corporate development and restructuring expense, and contribution to WSFS CARES Foundation 2,076 (1,335) 536 Plus: Tax adjustments: BOLI surrender -- 7,056 -- (Plus)/less: Tax impact of pre-tax adjustments (507) 65 (134) --------- --------- --------- Adjusted net income (non-GAAP) attributable to WSFS $ 67,330 $ 69,694 $ 62,806 ========= ========= ========= GAAP return on average assets (ROA) 1.28% 1.25% 1.27% Plus/(less): Pre-tax adjustments: Realized/unrealized gain (loss) on equity investments, net, Visa derivative valuation adjustment, FDIC special assessment, corporate development and restructuring expense, and contribution to WSFS CARES Foundation 0.04 (0.03) 0.01 Plus: Tax adjustments: BOLI surrender -- 0.14 -- (Plus)/less: Tax impact of pre-tax adjustments (0.01) -- (0.01) --------- --------- --------- Core ROA (non-GAAP) 1.31% 1.36% 1.27% ========= ========= ========= Earnings per share (diluted) (GAAP) $ 1.09 $ 1.05 $ 1.01 Plus/(less): Pre-tax adjustments: Realized/unrealized gain (loss) on equity investments, net, Visa derivative valuation adjustment, FDIC special assessment, corporate development and restructuring expense, and contribution to WSFS CARES Foundation 0.03 (0.02) 0.01 Plus: Tax adjustments: BOLI surrender -- 0.12 -- (Plus)/less: Tax impact of pre-tax adjustments (0.01) -- -- --------- --------- --------- Core earnings per share (non-GAAP) $ 1.11 $ 1.15 $ 1.02 ========= ========= ========= Calculation of return on average tangible common equity: GAAP net income attributable to WSFS $ 65,761 $ 63,908 $ 62,404 Plus: Tax effected amortization of intangible assets 2,973 2,976 2,880 --------- --------- --------- Net tangible income (non-GAAP) $ 68,734 $ 66,884 $ 65,284 ========= ========= ========= Average stockholders' equity of WSFS $2,476,453 $2,281,076 $2,260,262 Less: Average goodwill and intangible assets 1,003,167 1,007,136 1,010,645 --------- --------- --------- Net average tangible common equity $1,473,286 $1,273,940 $1,249,617 ========= ========= ========= Return on average tangible common equity (non-GAAP) 18.76% 20.83% 21.19% ========= ========= ========= Non-GAAP Reconciliation - continued (o): Three months ended ------------------------------------------------------ March 31, 2024 December 31, 2023 March 31, 2023 ---------------- ------------------ ---------------- Calculation of PPNR: Net income (GAAP) $ 65,723 $ 63,505 $ 62,662 Plus: Income tax provision 21,202 29,365 20,941 Plus: Provision for credit losses 15,138 24,816 29,011 ------------ --- ------------- ------------ PPNR (non-GAAP) $ 102,063 $ 117,686 $ 112,614 ============ === ============= ============

  • Apr 18, 2024

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