https://assets.capyfin.com/instruments/678fdc13234e27009c5d60f0.png avatar
WSFS
🇺🇸 NASDAQ:WSFS
View Company
OverviewEarningsDividends
•
Sep 30, 2020

WSFS Q3 2020 Earnings Report

WSFS reported solid operating performance reflecting diversified business model and strong capital and ACL levels.

Key Takeaways

WSFS Financial Corporation reported a strong third quarter in 2020, with an EPS of $1.01 and ROA of 1.49%. The company's diversified business model and strong capital position contributed to the positive results. Share repurchases are set to resume in Q4 2020.

Core ROA was 1.48% in 3Q 2020 compared to 1.66% for 3Q 2019.

Core EPS was $1.00 in 3Q 2020 compared to $0.98 for 3Q 2019.

Loans receiving short-term deferred payment modifications declined to less than 3% of the total loan portfolio.

WSFS maintained significant capital levels with a Bank Common Equity Tier 1 Ratio of 13.24%.

Total Revenue
$113M
Previous year: $121M
-6.4%
EPS
$1
Previous year: $0.98
+2.0%
Efficiency Ratio
57.6%
ROA
1.49%
ROE
11.1%
Gross Profit
$162M
Previous year: $183M
-11.4%
Cash and Equivalents
$1.07B
Previous year: $580M
+84.9%
Free Cash Flow
-$32.2M
Previous year: -$22.4M
+43.9%
Total Assets
$13.8B
Previous year: $12.3B
+12.7%

WSFS

WSFS

WSFS Revenue by Segment

Forward Guidance

WSFS is expected to continue its growth trajectory, driven by strategic investments and a commitment to customer service. The resumption of share repurchases reflects confidence in the company's financial position and future prospects.

Positive Outlook

  • The health, well-being, and safety of our Associates, Customers, and our communities remains our top priority.
  • All previously closed banking locations were reopened with appropriate precautions.
  • Significant investments are being made throughout the franchise to accelerate organic growth.
  • The Board approved a quarterly cash dividend of $0.12 per share of common stock.
  • The Board approved the resumption of share repurchases under the Board authorization approved in 1Q 2020.

Challenges Ahead

  • The economic environment is still challenging.
  • The COVID-19 pandemic continues to pose risks.
  • There is uncertainty in the short- and long-term impacts of changes in trade, monetary and fiscal policies and stimulus programs, laws and regulations and other activities of governments, agencies, and similar organizations.
  • Adverse judgments or other resolution of pending and future legal proceedings, and cost incurred in defending such proceedings.
  • The Company's reliance on third parties for certain important functions, including the operation of its core systems, and any failures by such third parties.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

View WSFS