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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%.
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.
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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