WSFS Financial Corporation, the parent company of WSFS Bank, reported an increase in net income from the third quarter, although earnings were down slightly from the fourth quarter of 2020.
The financial services company has been focusing on the recently completed merger with Bryn Mawr Trust on the Main Line.
Zacks Investment Research reported that earnings exceeded its estimates.
Selected quarterly financial results and metrics are below.
|(Dollars in millions, except per share data)||4Q 2021||3Q 2021||4Q 2020|
|Net interest income||$||108.2||$||104.5||$||123.0|
|Total net revenue||154.3||147.1||169.6|
|Recovery of credit losses||(8.1)||(21.3)||(0.9)|
|Net income attributable to WSFS||56.3||54.4||59.8|
|Pre-provision net revenue (PPNR)(1)||63.8||50.7||76.3|
|Earnings per share (diluted)||1.18||1.14||1.20|
|Return on average assets (ROA)||1.45%||1.43%||1.73%|
|Return on average equity (ROE)||11.7||11.3||13.0|
Rodger Levenson, CEO, said, “During the quarter we received the final regulatory approval from the Federal Reserve for our acquisition of Bryn Mawr Trust, and on January 1, 2022 we successfully closed our combination. We remain on track to complete our bank branding and systems conversion in late first quarter of 2022. We warmly welcome our new Associates and Customers to WSFS along with Francis J. Leto, Diego F. Calderin, and Lynn B. McKee to our Board of Directors.
“We exited 2021 with strong momentum. Our 4Q operating results included core ROA of 1.28% and core EPS of $1.04, reflecting the continued strength in our diversified business model including solid results in our fee businesses, a strong capital position, and overall improving credit metrics.
“As we turn towards 2022, we look forward to integrating Bryn Mawr Trust with our prior investments as we strengthen our position as the premier, locally headquartered bank and wealth management franchise in the Greater Philadelphia and Delaware region.”
Wilmington-based WSFS is the largest bank headquartered in the Delaware Valley but has a small share of the market when compared to larger players like Wells Fargo and PNC. For that reason, regulators had no problem with, the Bryn Mawr merger and before that Beneficial.
The two mergers have doubled the size of WSFS, which plowed some of the overhead cost savings to technology upgrades. Those upgrades are expected to ease the integration of Bryn Mawr.