Business
WSFS Reports 1Q 2022 Results; Successful Close and Integration of Bryn Mawr Trust Into WSFS Bank; Diversified Deposits and Loans Mix Positioned Well for Rising Rates
WILMINGTON, Del., April 21, 2022 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, today announced its financial
About this update from Wsfs Financial Corporation
[{"type":"text","content":"WILMINGTON, Del., April 21, 2022 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, today announced its financial results for the first quarter of 2022. The results for 1Q 2022 include the impact of our combination with Bryn Mawr Bank Corporation (“Bryn Mawr Trust”), which closed on January 1, 2022, as described in more detail below. Selected quarterly financial results and metrics are as follows: (Dollars in millions, except per share data) 1Q 2022 4Q 2021 1Q 2021 Net interest income $138.6 $108.2 $114.2 Fee revenue 60.6 46.0 47.8 Total net revenue 199.1 154.3 162.0 Provision for (recovery of) credit losses 19.0 (8.1) (20.2) Noninterest expense 174.5 90.4 95.6 Net income attributable to WSFS 3.8 56.3 65.1 Pre-provision net revenue (PPNR)(1) 24.7 63.8 66.4 Earnings per share (EPS) (diluted) 0.06 1.18 1.36 Return on average assets (ROA) (a) 0.07% 1.45% 1.85% Return on average equity (ROE) (a) 0.6 11.7 14.9 Efficiency ratio 87.5 58.5 58.9 GAAP results for the quarterly periods shown below included the following items that are excluded from core results. For 1Q 2022 and 4Q 2021, the corporate development and restructuring expense primarily relates to our combination with Bryn Mawr Trust. 1Q 2022 4Q 2021 1Q 2021(Dollars in millions, except per share data) Total(pre-tax) Per share(after-tax) Total(pre-tax) Per share(after-tax) Total(pre-tax) Per share(after-tax)Securities gains $— $— $— $— $0.3 $0.01 Corporate development and restructuring expense 51.6 0.60 6.7 0.11 1.8 0.04 Recovery of legal settlement — — (15.0) 0.23 — — (1) As used in this press release, PPNR is a non-GAAP financial measure calculated as net revenue before provision for (recovery of) credit losses and net of noninterest expense. For a reconciliation of this and other non-GAAP financial measures to their comparable GAAP measures, see \"Non-GAAP Reconciliation\" at the end of the press release. CEO Commentary Rodger Levenson, Chairman, President and CEO, said, “The first quarter of 2022 included a number of significant milestones for the Company, highlighted by the closing of the Bryn Mawr Trust combination on January 1, 2022. In addition, we successfully completed the integration of our banking systems in late March, and launched Bryn Mawr Trust as our prominent Wealth Management brand. We are excited to welcome our newe...