WSFS FINANCIAL CORP

For the period ended Jun 30, 2024. Filed Aug 2, 2024.

About this filing

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.

Jun 30, 2024 · Filed Aug 2, 2024

WSFS$79.94+0.1%Stored close · as of Nov 10, 2026

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Contents

Consolidated Statements of Income for the and

CONSOLIDATED STATEMENTS OF INCOME

	Three Months Ended June 30,		Six Months Ended June 30,
(Dollars in thousands, except per share and share data)	2024	2023	2024	2023
Interest income:
Interest and fees on loans and leases	$230,815	$207,884	$455,518	$401,608
Interest on mortgage-backed securities	25,784	27,130	51,681	54,656
Interest and dividends on investment securities:
Taxable	699	700	1,399	1,404
Tax-exempt	1,484	1,482	2,968	3,015
Other interest income	6,455	4,573	15,293	7,469
	265,237	241,769	526,859	468,152
Interest expense:
Interest on deposits	76,693	50,054	149,488	85,246
Interest on Federal Home Loan Bank advances	359	1,597	667	4,968
Interest on senior and subordinated debt	2,441	2,334	4,890	4,907
Interest on federal funds purchased	41	—	41	1,139
Interest on trust preferred borrowings	1,750	1,635	3,506	3,190
Interest on other borrowings	9,504	4,307	18,540	4,328
	90,788	59,927	177,132	103,778
Net interest income	174,449	181,842	349,727	364,374
Provision for credit losses	19,814	15,830	34,952	44,841
Net interest income after provision for credit losses	154,635	166,012	314,775	319,533
Noninterest income:
Credit/debit card and ATM income	23,875	14,430	43,544	27,791
Investment management and fiduciary income	37,606	32,379	70,534	62,855
Deposit service charges	6,496	6,277	12,983	12,316
Mortgage banking activities, net	2,217	1,304	3,864	2,426
Loan and lease fee income	1,706	1,190	3,229	2,562
Unrealized loss on equity investments, net	—	—	—	(4)
Realized gain on sale of equity investments, net	2,130	—	2,130	—
Bank owned life insurance income	793	760	1,993	2,270
Other income	16,775	10,531	29,178	19,782
	91,598	66,871	167,455	129,998
Noninterest expense:
Salaries, benefits and other compensation	83,249	72,367	159,055	145,216
Occupancy expense	9,387	10,132	18,866	20,540
Equipment expense	12,054	10,810	22,746	20,602
Data processing and operations expenses	4,807	4,771	8,467	9,495
Professional fees	4,781	6,118	9,262	10,557
Marketing expense	2,020	2,165	3,802	3,881
FDIC expenses	2,390	2,863	6,372	5,445
Loan workout and other credit costs	(1,278)	536	(207)	481
Corporate development expense	158	2,796	366	3,536
Restructuring expense	—	(26)	—	(787)
Other operating expense	38,200	28,721	76,111	55,332
	155,768	141,253	304,840	274,298
Income before taxes	90,465	91,630	177,390	175,233
Income tax provision	21,257	23,035	42,459	43,976
Net income	$69,208	$68,595	$134,931	$131,257
Less: Net (loss) income attributable to noncontrolling interest	(65)	(83)	(103)	175
Net income attributable to WSFS	$69,273	$68,678	$135,034	$131,082
Earnings per share:
Basic	$1.16	$1.12	$2.25	$2.13
Diluted	$1.16	$1.12	$2.24	$2.13
Weighted average shares of common stock outstanding:
Basic	59,833,207	61,348,200	60,092,704	61,429,008
Diluted	59,958,628	61,414,273	60,237,232	61,526,331

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.