Business
WSFS Reports 1Q 2020 EPS Of $0.21, Results Impacted by COVID-19 and CECL; WSFS Community Foundation Receives $3.0 Million Grant From WSFS Bank
FOR ADDITIONAL INFORMATION REGARDING OUR COVID-19 RESPONSE, FINANCIAL IMPACTS AND OUTLOOK, PLEASE REFER TO THE 1Q 2020 EARNINGS RELEASE SUPPLEMENT AVAILABLE
About this update from Wsfs Financial Corporation
[{"type":"text","content":"FOR ADDITIONAL INFORMATION REGARDING OUR COVID-19 RESPONSE, FINANCIAL IMPACTS AND OUTLOOK, PLEASE REFER TO THE 1Q 2020 EARNINGS RELEASE SUPPLEMENT AVAILABLE IN THE INVESTOR RELATIONS SECTION OF WSFS' WEBSITE (www.wsfsbank.com).\n WILMINGTON, Del., April 27, 2020 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, today announced its financial results for the first quarter of 2020. Selected financial results and metrics are as follows: (Dollars in millions, except per share data) 1Q 2020 4Q 2019 1Q 2019Net interest income $116.2 $117.6 $83.3 Fee income 40.8 41.8 41.1 Total net revenue 157.0 159.3 124.4 Provision for credit losses 56.6 1.6 7.7 Noninterest expense 88.5 98.1 97.6 Net income attributable to WSFS 10.9 45.7 13.0 Pre-provision net revenue (PPNR)(1) 68.5 61.2 26.8 EPS (diluted) 0.21 0.88 0.33 Return on average assets (ROA) 0.36 % 1.48 % 0.58 %Return on average equity (ROE) 2.4 9.8 4.5 Efficiency ratio 56.3 61.5 78.2 GAAP results for 1Q 2020 were significantly impacted by the economic effects of the COVID-19 pandemic and our adoption of the Current Expected Credit Loss method of accounting (CECL), primarily reflected in additional provision for credit losses of $56.6 million for the quarter. Results also include our acquisition of Beneficial Bancorp, Inc. (Beneficial) on March 1, 2019 and other significant items including the following: 1Q 2020 4Q 2019 1Q 2019 Total Per share Total Per share Total Per share(Dollars in millions, except per share data) (pre-tax) (after-tax) (pre-tax) (after-tax) (pre-tax) (after-tax)Corporate development and restructuring expense $1.3 $0.02 $6.1 $0.09 $31.0 $0.65Contribution to WSFS Community Foundation 3.0 0.04 — — — —Net unrealized gain on equity investments 0.7 0.01 — — 3.8 0.07Securities gains 0.7 0.01 0.3 — — — (1) As used in this press release, pre-provision net revenue is a non-GAAP financial measure calculated as the difference between net revenue before provision for credit losses and noninterest expense. For a reconciliation of this and other non-GAAP measures to their comparable GAAP measures, see “Non-GAAP Reconciliation” at the end of this press release. CEO Commentary Rodger Levenson, Chairman, President and CEO, said, “Our first quarter 2020 results were significantly impacted by the economic effects of the global COVID-19 pandemic,...