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Sep 30, 2024
WSFS Q3 2024 Earnings Report
WSFS reported a core ROA of 1.22% and EPS of $1.08, reflecting loan, deposit, and fee revenue growth.
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.
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.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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