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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%.
Revenue by Segment
Forward Guidance
WSFS's strong performance in Q2 2024 provides momentum heading into the second half of the year.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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