WSFS Q3 2022 Earnings Report

WSFS reported Q3 2022 earnings with EPS of $1.16 and ROA of 1.44%, reflecting expanded NIM of 3.99%, diversified loan growth, and fee revenue at 26.1% of total net revenue.

Key Takeaways

WSFS Financial Corporation reported a strong third quarter in 2022, driven by solid loan growth, an expanded net interest margin, and disciplined expense management. The company's core pre-provision net revenue (PPNR) saw a substantial increase, and asset quality metrics remained favorable. WSFS was assigned a first-time rating by Moody's Investor Service with an investment grade of Baa2 with a Positive Outlook.

Core ROA was 1.52% in 3Q 2022, compared to 1.48% for 3Q 2021.

Core EPS was $1.23 in 3Q 2022, compared to $1.19 for 3Q 2021.

Loan growth during the quarter was 8% (annualized), driven by consumer partnerships, construction portfolio, and commercial small business leases.

Core fee revenue as a percentage of core net revenue was 26.8%, reflecting the strength and diversification of fee-based businesses.