Business
WSFS Reports 2Q 2021 EPS of $2.01 and ROA of 2.60%; Results Reflect Strength of Diversified Business Model; $67.6 Million ACL Release From Economic Outlook and Credit Trends
WILMINGTON, Del., July 22, 2021 (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., July 22, 2021 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, today announced its financial results for the second quarter of 2021. Selected quarterly financial results and metrics are as follows: (Dollars in millions, except per share data) 2Q 2021 1Q 2021 2Q 2020Net interest income $106.7 $114.2 $113.8 Fee income 49.0 47.8 64.4 Total net revenue 155.8 162.0 178.1 (Recovery of) provision for credit losses (67.6) (20.2) 94.8 Noninterest expense 96.0 95.6 93.4 Net income attributable to WSFS 95.7 65.1 (7.1)Pre-provision net revenue (PPNR)(1) 59.7 66.4 84.7 Earnings per share (diluted) 2.01 1.36 (0.14 Return on average assets (ROA) (a) 2.60% 1.85% (0.22)%Return on average equity (ROE) (a) 21.3 14.9 (1.6)Efficiency ratio 61.6 58.9 52.4 GAAP results for the quarterly periods shown below included the following items that are excluded from core results. During the quarter, WSFS recorded a $5.1 million unrealized gain on our investment in Social Finance, Inc. (SoFi), which we liquidated at a net realized gain of $4.4 million in July 2021. For 2Q 2021, the $2.4 million of corporate development and restructuring expense primarily relates to our pending combination with Bryn Mawr Bank Corporation (“Bryn Mawr”) anticipated to close in early 4Q 2021. 2Q 2021 1Q 2021 2Q 2020(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 $1.9 $0.03 Unrealized gain on equity investments, net 5.3 0.08 — — — — Realized gain on sale of equity investment, net — — — — 22.1 0.35 Corporate development and restructuring expense 2.4 0.04 1.8 0.04 2.8 0.04 Loss on debt extinguishment 1.1 0.02 — — — — Contribution to WSFS CARES Foundation 1.0 0.02 — — — — (1) As used in this press release, PPNR is a non-GAAP financial measure calculated as net revenue before (recovery of) provision for 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, “Our 2Q operating results included continued improvement across key credit metrics, solid growth in our fee bus...