WSFS FINANCIAL CORP
For the period ended Dec 31, 2024. Filed Feb 28, 2025.
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FY2024 · Filed Feb 28, 2025
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
| Year Ended December 31, | |||
|---|---|---|---|
| (Dollars in thousands, except per share data) | 2024 | 2023 | 2022 |
| Interest income: | |||
| Interest and fees on loans and leases | $918,381 | $845,271 | $582,754 |
| Interest on mortgage-backed securities | 102,024 | 107,555 | 106,606 |
| Interest and dividends on investment securities: | |||
| Taxable | 2,798 | 2,803 | 2,812 |
| Tax-exempt | 5,941 | 5,980 | 4,087 |
| Other interest income | 34,438 | 14,913 | 7,556 |
| 1,063,582 | 976,522 | 703,815 | |
| Interest expense: | |||
| Interest on deposits | 308,676 | 209,820 | 28,181 |
| Interest on Federal Home Loan Bank advances | 2,967 | 5,348 | 538 |
| Interest on senior and subordinated debt | 9,690 | 9,815 | 8,246 |
| Interest on trust preferred borrowings | 6,910 | 6,736 | 3,482 |
| Interest on federal funds purchased | 343 | 1,673 | 443 |
| Interest on other borrowings | 29,558 | 18,027 | 35 |
| 358,144 | 251,419 | 40,925 | |
| Net interest income | 705,438 | 725,103 | 662,890 |
| Provision for credit losses | 61,410 | 88,071 | 48,089 |
| Net interest income after provision for (recovery of) credit losses | 644,028 | 637,032 | 614,801 |
| Noninterest income: | |||
| Credit/debit card and ATM income | 88,710 | 59,718 | 40,088 |
| Investment management and fiduciary revenue | 146,945 | 131,050 | 121,608 |
| Deposit service charges | 26,664 | 25,393 | 24,484 |
| Mortgage banking activities, net | 7,565 | 4,799 | 7,271 |
| Loan and lease fee income | 6,681 | 5,718 | 6,275 |
| Unrealized gains on equity investments, net | — | 329 | 5,980 |
| Realized gain on sale of equity investment, net | 2,309 | 9,493 | — |
| Bank owned life insurance income | 4,724 | 4,642 | 1,804 |
| Other income | 57,322 | 48,729 | 52,624 |
| 340,920 | 289,871 | 260,134 | |
| Noninterest expense: | |||
| Salaries, benefits and other compensation | 332,682 | 289,193 | 283,905 |
| Occupancy expense | 37,579 | 42,184 | 40,885 |
| Equipment expense | 47,744 | 42,242 | 40,994 |
| Professional fees | 20,164 | 21,200 | 18,497 |
| Data processing and operations expenses | 18,281 | 19,054 | 20,876 |
| Marketing expense | 7,824 | 7,914 | 7,230 |
| FDIC expenses | 12,166 | 15,887 | 6,098 |
| Loan workout and other credit costs | 2,123 | 852 | 702 |
| Corporate development expense | 473 | 3,931 | 42,749 |
| Restructuring expense | 2,193 | (230) | 22,473 |
| Other operating expense | 156,460 | 119,406 | 89,917 |
| 637,689 | 561,633 | 574,326 | |
| Income before taxes | 347,259 | 365,270 | 300,609 |
| Income tax provision | 83,764 | 96,245 | 77,961 |
| Net income | $263,495 | $269,025 | $222,648 |
| Less: Net (loss) income attributable to noncontrolling interest | (176) | (131) | 273 |
| Net income attributable to WSFS | $263,671 | $269,156 | $222,375 |
| Basic earnings per share | $4.43 | $4.40 | $3.50 |
| Diluted earnings per share | $4.41 | $4.40 | $3.49 |
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