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Jun 30, 2023
WSFS Q2 2023 Earnings Report
Reported solid loan and deposit growth, with a NIM of 4.11% and a diversified fee revenue increase of 6% from Q1 2023.
Key Takeaways
WSFS Financial Corporation reported a strong second quarter in 2023, with earnings per share of $1.12 and a return on average assets of 1.36%. The results reflect solid loan and deposit growth, a net interest margin of 4.11%, and a diversified fee revenue increase of 6% from the first quarter of 2023. The company's balance sheet remains strong with stable credit metrics and capital levels above well-capitalized.
Core EPS was $1.16, compared to $1.02 for Q2 2022.
Core ROA was 1.41%, compared to 1.27% for Q2 2022.
Customer deposits increased by $380.1 million, or 2% for the quarter, driven by transactional Trust and Wealth deposits.
Net interest margin was 4.11%, compared to 4.25% for Q1 2023, reflecting increasing deposit betas, partially offset by higher loan yields.
Revenue by Segment
Forward Guidance
Management will conduct a conference call to review 2Q 2023 results at 1:00 p.m. Eastern Time (ET) on Tuesday, July 25, 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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