WSFS Financial Corporation, the parent company of WSFS Bank, reported higher earnings in the second quarter.
Rodger Levenson, CEO, said, “We were pleased with our 2Q operating results, which continued to reflect the strength and diversity of our business model.”
Levinson continued, “Our balance sheet remains strong with stable credit metrics, an ACL coverage ratio of 1.28%, significant liquidity capacity, and capital levels above well-capitalized. WSFS continues to serve our Customers and Communities. On June 14th, we held our first-ever ‘We Stand for Service Day,’ during which approximately 1,200 of our Associates provided nearly 5,000 hours of service to more than 80 nonprofit and community organizations across the Greater Philadelphia, Southern New Jersey and Delaware region.
Asset quality metrics remained relatively stable during the quarter. Total problem assets increased $48.6 million compared to the first quarter.
Delinquencies to gross loans decreased to 0.59% at June 30, 2023 compared to 0.83% at March 31, 2023, primarily driven by resolution of a few larger commercial maturities.
Selected financial results and metrics are as follows:
(Dollars in millions, except per share data) 2Q 2023 1Q 2023 2Q 2022
| – Net interest income $ 181.8, $182.5, $153.6 |
| – Fee revenue $66.9, $63.1 $72.0 |
| – Total net revenue $248.7 $245.7, $225.6 |
| – Provision for credit losses $15.8, $29, $8.3 |
| – Noninterest expense $141.3, $133.0, $134.0 |
| – Net income attributable to WSFS $68.7, $62.4, $60.7 |
| – Earnings per share (EPS) (diluted) $1.12 $1.01 $0.94 |
| – Return on average assets (ROA) (1.36 %, 1.27 %, 1.17 % |
| – Return on average equity, 11.8, 11.2 ,10.1 |
| – Fee revenue as % of total net revenue 26.8, 25.6, 31.9 |
| – Efficiency ratio 56.7, 54.0, 59.3 |
WSFS is based in Wilmington and also has a corporate office in Philadelphia.
