Business
WSFS Reports 2Q 2022 EPS of $0.94 and ROA of 1.17%; Results Reflect Growth in Loans and Diversified Fee Revenue
Board Approved 15% Dividend Increase and New 10% Share Authorization WILMINGTON, Del., July 25, 2022 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (Nasdaq:
About this update from Wsfs Financial Corporation
[{"type":"text","content":"Board Approved 15% Dividend Increase and New 10% Share Authorization\nWILMINGTON, Del., July 25, 2022 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, today announced its financial results for the second quarter of 2022. Selected quarterly financial results and metrics are as follows: (Dollars in millions, except per share data) 2Q 2022 1Q 2022 2Q 2021Net interest income $153.6 $138.6 $106.7 Fee revenue 72.0 60.6 49.0 Total net revenue 225.6 199.1 155.8 Provision for (recovery of) credit losses 8.3 19.0 (67.6) Noninterest expense 134.0 174.5 96.0 Net income attributable to WSFS 60.7 3.8 95.7 Pre-provision net revenue (PPNR)(1) 91.6 24.7 59.7 Earnings per share (EPS) (diluted) 0.94 0.06 2.01 Return on average assets (ROA) (a) 1.17% 0.07% 2.60%Return on average equity (ROE) (a) 10.1 0.6 21.3 Efficiency ratio 59.3 87.5 61.6 GAAP results for the quarterly periods shown below included the following items that are excluded from core results. For 2Q 2022, the corporate development and restructuring expense primarily relates to our combination with Bryn Mawr Trust and the unrealized gain on equity investments, net relates to a gain on our investment in CRED.ai. 2Q 2022 1Q 2022 2Q 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)Unrealized gain on equity investments, net $6.0 $0.07 $— $— $5.3 $0.08 Corporate development and restructuring expense 10.3 0.15 51.6 0.60 2.4 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 that adjusts income determined in accordance with GAAP to exclude the impacts of (i) income tax provision and (ii) provision or (recovery of) credit losses. 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 second quarter results demonstrated the strength of our business model and unique market position as we continue to optimize our significant strategic investments over the past three years.” “We remain on track to achieve the synergies identified from the Bryn...