Wsfs Financial ( (WSFS) ) has released its Q4 earnings. Here is a breakdown of the information Wsfs Financial presented to its investors.
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WSFS Financial Corporation, the parent company of WSFS Bank, operates as a multibillion-dollar financial services provider, focusing on commercial banking, consumer banking, and wealth management in the Greater Philadelphia and Delaware region.
In its latest earnings report for the fourth quarter of 2024, WSFS Financial reported a diluted earnings per share (EPS) of $1.09 and a return on average assets (ROA) of 1.21%. The company experienced strong deposit growth and achieved record revenue in its Wealth and Trust division, contributing to a full-year EPS of $4.41 and an ROA of 1.27%.
Key financial highlights include a net interest income of $178.2 million for the quarter, with a net interest margin of 3.80%. WSFS saw a 4% increase in customer deposits compared to the previous quarter, driven by growth in its Trust, Consumer, and Commercial business lines. Despite a decrease in gross loans by 1% from the third quarter, there was a 3% year-over-year increase, primarily in commercial and residential mortgage loans.
The company also faced challenges, such as a $4.7 million negative impact from the termination of a Cash Connect® client relationship, but managed to maintain solid capital levels with a Tier 1 leverage ratio of 11.03% and a total risk-based capital ratio of 15.13%.
Looking ahead, WSFS Financial plans to continue building on its strong performance and strategic initiatives, entering 2025 with momentum and opportunities outlined in its 2025-2027 Strategic Plan.
