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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%.
WSFS
WSFS
WSFS Revenue by Segment
Revenue by Segment
Wealth Management Revenue
CapyFin.comCash Connect Revenue
CapyFin.com 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