WSFS third quarter earnings beat estimate

91
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Wilmington-based WSFS Financial Corp. reported higher earnings in the third quarter.

Earnings were well above estimates, according to Zacks.

Rodger Levenson,  CEO, said:  “3Q operating results reflect continued strength in our diversified business model including solid results in our fee businesses, a strong capital position, and overall improving credit metrics. We continue to be well-positioned for significant organic growth across all of our business lines.

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“Our integration planning continues to keep us on track to close the Bryn Mawr acquisition upon receipt of the final regulatory approval from the Federal Reserve. Upon completion, we look forward to executing on the significant organic growth opportunity as the largest locally headquartered bank and wealth management franchise in the Greater Philadelphia and Delaware region.

“During the quarter, we were honored to receive several recognitions demonstrating the success of our Strategy across our footprint, including: Top Workplace in Delaware for the 15th year in a row by The News Journal, named ‘Best of Biz Editor’s Pick’ for customer service in the South Jersey Business Magazine, recognized by The Forum of Executive Women as a ‘Champion of Board Diversity,’ and; we were also named to the ‘Soaring 76’ for the fifth year in a row by the Philadelphia Business Journal, recognizing us as one of the fastest growing companies in the greater Philadelphia region. Our associates remain committed to deliver on our Strategy of ‘Engaged Associates, living our culture, making a better life for all we serve.”

See summary below:

                                                 
(Dollars in millions, except per share data)
 
3Q 2021
 
2Q 2021
 
3Q 2020
       
Net interest income
 
$
104.5 
   
$
106.7 
   
$
113.0 
         
Fee income
 
42.6 
   
49.0 
   
49.2 
         
Total net revenue
 
147.1 
   
155.8 
   
162.2 
         
(Recovery of) provision for credit losses
 
(21.3)
   
(67.6)
   
2.7 
         
Noninterest expense
 
96.4 
   
96.0 
   
93.5 
         
Net income attributable to WSFS
 
54.4 
   
95.7 
   
51.1 
         
Pre-provision net revenue (PPNR)(1)
 
50.7 
   
59.7 
   
68.7 
         
Earnings per share (diluted)
 
1.14 
   
2.01 
   
1.01 
         
Return on average assets (ROA) (a)
 
1.43 
%
 
2.60 
%
 
1.49% 
 
       
Return on average equity (ROE) (a)
 
11.3 
   
21.3 
   
11.1% 
         
Efficiency ratio
 
65.5 
   
61.6 
   
57.6 
         
 
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