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Jun 30, 2024
WSFS Q2 2024 Earnings Report
WSFS reported strong second-quarter results, driven by loan, deposit, and diversified fee revenue growth, alongside a net interest margin of 3.85%.
Key Takeaways
WSFS Financial Corporation reported a solid second quarter in 2024, with a return on average assets (ROA) of 1.34% and earnings per share (EPS) of $1.16. The results reflect growth in loans, deposits, and diversified fee revenue, along with a net interest margin of 3.85%.
Core fee revenue increased by 13%, driven by Cash Connect, Wealth and Trust, Capital Markets, and Mortgage businesses.
Annualized loan growth of 6% was primarily driven by commercial and consumer lending portfolios.
Deposits increased 3% annualized.
Net interest margin increased slightly from the prior quarter to 3.85%.
WSFS
WSFS
WSFS Revenue by Segment
Revenue by Segment
Wealth Management Revenue
CapyFin.comCash Connect Revenue
CapyFin.com Forward Guidance
WSFS's strong performance in Q2 2024 provides momentum heading into the second half of the year.