WSFS FINANCIAL CORP
For the period ended Mar 31, 2024. Filed May 6, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 6, 2024
WSFS$79.94+0.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Income for the and
CONSOLIDATED STATEMENTS OF INCOME
| Three Months Ended March 31, | ||
|---|---|---|
| (Dollars in thousands, except per share and share data) | 2024 | 2023 |
| Interest income: | ||
| Interest and fees on loans and leases | $224,703 | $193,724 |
| Interest on mortgage-backed securities | 25,897 | 27,526 |
| Interest and dividends on investment securities: | ||
| Taxable | 700 | 704 |
| Tax-exempt | 1,484 | 1,533 |
| Other interest income | 8,838 | 2,896 |
| 261,622 | 226,383 | |
| Interest expense: | ||
| Interest on deposits | 72,795 | 35,192 |
| Interest on Federal Home Loan Bank advances | 308 | 3,371 |
| Interest on senior and subordinated debt | 2,449 | 2,573 |
| Interest on federal funds purchased | — | 1,139 |
| Interest on trust preferred borrowings | 1,756 | 1,555 |
| Interest on other borrowings | 9,036 | 21 |
| 86,344 | 43,851 | |
| Net interest income | 175,278 | 182,532 |
| Provision for credit losses | 15,138 | 29,011 |
| Net interest income after provision for credit losses | 160,140 | 153,521 |
| Noninterest income: | ||
| Credit/debit card and ATM income | 19,669 | 13,361 |
| Investment management and fiduciary income | 32,928 | 30,476 |
| Deposit service charges | 6,487 | 6,039 |
| Mortgage banking activities, net | 1,647 | 1,122 |
| Loan and lease fee income | 1,523 | 1,372 |
| Unrealized loss on equity investments, net | — | (4) |
| Bank owned life insurance income | 1,200 | 1,510 |
| Other income | 12,403 | 9,251 |
| 75,857 | 63,127 | |
| Noninterest expense: | ||
| Salaries, benefits and other compensation | 75,806 | 72,849 |
| Occupancy expense | 9,479 | 10,408 |
| Equipment expense | 10,692 | 9,792 |
| Data processing and operations expenses | 3,660 | 4,724 |
| Professional fees | 4,481 | 4,439 |
| Marketing expense | 1,782 | 1,716 |
| FDIC expenses | 3,982 | 2,582 |
| Loan workout and other credit costs | 1,071 | (55) |
| Corporate development expense | 208 | 740 |
| Restructuring expense | — | (761) |
| Other operating expense | 37,911 | 26,611 |
| 149,072 | 133,045 | |
| Income before taxes | 86,925 | 83,603 |
| Income tax provision | 21,202 | 20,941 |
| Net income | $65,723 | $62,662 |
| Less: Net (loss) income attributable to noncontrolling interest | (38) | 258 |
| Net income attributable to WSFS | $65,761 | $62,404 |
| Earnings per share: | ||
| Basic | $1.09 | $1.01 |
| Diluted | $1.09 | $1.01 |
| Weighted average shares of common stock outstanding: | ||
| Basic | 60,352,200 | 61,510,714 |
| Diluted | 60,521,951 | 61,678,871 |
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