WSFS Q3 2024 Earnings Report
Key Takeaways
WSFS Financial Corporation announced its Q3 2024 financial results, with a core Return on Average Assets (ROA) of 1.22% and Earnings Per Share (EPS) of $1.08. The results reflect continued growth in loans, deposits, and fee revenue. Gross loan growth was reported at 1% (5% annualized), driven by commercial, consumer, and residential mortgage portfolios. Customer deposits increased by 1% (3% annualized), primarily due to seasonal municipal deposit inflows.
Core ROA was 1.22%, compared to 1.25% for 2Q 2024.
Core EPS was $1.08, flat from 2Q 2024.
Gross loan growth of 1% (5% annualized) from 2Q 2024 driven by growth in commercial, consumer, and residential mortgage.
Customer deposits increased 1% (3% annualized) compared to 2Q 2024, driven by seasonal increases in municipal deposits and continued increases in customer time deposits, partially offset by expected outflows in Wealth and Trust deposits.
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WSFS Revenue by Segment
Forward Guidance
While the 50 basis point decrease in the Fed Funds Rate in mid-September had a minimal impact on 3Q results, WSFS has updated their full-year 2024 Outlook in their Earnings Release Supplement to reflect this change.