WSFS Financial Corporation, parent company of WSFS Bank, reported higher earnings in the fourth quarter. WSFS is based in Wilmington and has other administrative operations in Philadelphia.
Rodger Levenson, CEO, said, “We are very pleased to end 2022 with strong 4Q results and momentum.
“Our operating performance was driven by a 50 basis point increase in NIM (net interest margin) to 4.49% and solid loan growth. The strength and diversity of our fee revenue was also evident in the quarter. The decline in total deposits was a result of continued absorption of customer excess liquidity combined with lower transactional related deposits in our institutional trust business and normal reduction in seasonal municipal accounts. Credit metrics remained very favorable and capital levels strong.
“Despite the uncertain economic outlook, we enter 2023 highly optimistic about our unique market position and the growth potential of WSFS. The entire organization is focused on optimizing our prior strategic investments and strengthening our opportunity as the largest locally-headquartered bank and wealth management franchise in the Greater Philadelphia and Delaware region.
