WSFS FINANCIAL CORP

For the period ended Sep 30, 2024. Filed Nov 6, 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.

Sep 30, 2024 · Filed Nov 6, 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 September 30,		Nine Months Ended September 30,
(Dollars in thousands, except per share and share data)	2024	2023	2024	2023
Interest income:
Interest and fees on loans and leases	$235,977	$218,903	$691,495	$620,511
Interest on mortgage-backed securities	25,348	26,654	77,029	81,310
Interest and dividends on investment securities:
Taxable	699	699	2,098	2,103
Tax-exempt	1,485	1,481	4,453	4,496
Other interest income	9,875	3,402	25,168	10,871
	273,384	251,139	800,243	719,291
Interest expense:
Interest on deposits	80,647	57,255	230,135	142,501
Interest on Federal Home Loan Bank advances	1,472	167	2,139	5,135
Interest on senior and subordinated debt	2,446	2,453	7,336	7,360
Interest on federal funds purchased	31	185	72	1,324
Interest on trust preferred borrowings	1,749	1,764	5,255	4,954
Interest on other borrowings	9,535	6,713	28,075	11,041
	95,880	68,537	273,012	172,315
Net interest income	177,504	182,602	527,231	546,976
Provision for credit losses	18,422	18,414	53,374	63,255
Net interest income after provision for credit losses	159,082	164,188	473,857	483,721
Noninterest income:
Credit/debit card and ATM income	24,621	14,869	68,165	42,660
Investment management and fiduciary income	36,648	32,720	107,182	95,575
Deposit service charges	6,837	6,534	19,820	18,850
Mortgage banking activities, net	2,067	1,254	5,931	3,680
Loan and lease fee income	1,513	1,621	4,742	4,183
Unrealized loss on equity investments, net	—	(5)	—	(9)
Realized gain on sale of equity investments, net	56	—	2,186	—
Bank owned life insurance income	1,540	1,697	3,533	3,967
Other income	16,876	13,978	46,054	33,760
	90,158	72,668	257,613	202,666
Noninterest expense:
Salaries, benefits and other compensation	86,124	74,453	245,179	219,669
Occupancy expense	9,595	9,529	28,461	30,069
Equipment expense	12,076	10,563	34,822	31,165
Data processing and operations expenses	4,985	4,867	13,452	14,362
Professional fees	3,819	4,612	13,081	15,169
Marketing expense	2,053	2,049	5,855	5,930
FDIC expenses	2,882	2,534	9,254	7,979
Loan workout and other credit costs	1,684	(189)	1,477	292
Corporate development expense	46	113	412	3,649
Restructuring expense	—	—	—	(787)
Other operating expense	40,459	31,158	116,570	86,490
	163,723	139,689	468,563	413,987
Income before taxes	85,517	97,167	262,907	272,400
Income tax provision	21,108	22,904	63,567	66,880
Net income	$64,409	$74,263	$199,340	$205,520
Less: Net (loss) income attributable to noncontrolling interest	(26)	97	(129)	272
Net income attributable to WSFS	$64,435	$74,166	$199,469	$205,248
Earnings per share:
Basic	$1.09	$1.22	$3.34	$3.35
Diluted	$1.08	$1.22	$3.33	$3.34
Weighted average shares of common stock outstanding:
Basic	59,185,848	60,941,922	59,788,212	61,264,862
Diluted	59,393,651	61,039,317	59,956,324	61,367,802

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.