Business
WSFS Reports 3Q 2020 EPS of $1.01 and ROA of 1.49%; Solid Operating Performance Reflects Diversified Business Model; Strong Capital and ACL Levels; Share Repurchases to Resume in 4Q 2020
FOR ADDITIONAL FINANCIAL INFORMATION AND OUTLOOK, PLEASE REFER TO THE 3Q 2020 EARNINGS RELEASE SUPPLEMENT AVAILABLE IN THE INVESTOR RELATIONS SECTION OF WSFS'
About this update from Wsfs Financial Corporation
[{"type":"text","content":"FOR ADDITIONAL FINANCIAL INFORMATION AND OUTLOOK, PLEASE REFER TO THE 3Q 2020 EARNINGS RELEASE SUPPLEMENT AVAILABLE IN THE INVESTOR RELATIONS SECTION OF WSFS' WEBSITE (www.wsfsbank.com).\n WILMINGTON, Del., Oct. 22, 2020 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, today announced its financial results for the third quarter of 2020. Selected financial results and metrics are as follows: (Dollars in millions, except per share data)3Q 2020 2Q 2020 3Q 2019Net interest income$113.0 $113.8 $120.8 Fee income49.2 64.4 62.3 Total net revenue162.2 178.1 183.2 Provision for credit losses2.7 94.8 4.1 Noninterest expense93.5 93.4 109.6 Net income (loss) attributable to WSFS51.1 (7.1) 53.9 Pre-provision net revenue (PPNR)(1)68.7 84.7 73.6 Earnings (loss) per share (diluted)1.01 (0.14) 1.02 Return on average assets (ROA)1.49% (0.22)% 1.72%Return on average equity (ROE)11.1 (1.6) 11.6 Efficiency ratio57.6 52.4 59.7 GAAP results for 3Q 2020 included the following items, with a significant decline in realized gain on sale related to our Visa Class B shares compared to 2Q 2020 when we recorded a $22.1 million net realized gain on the sale of 360,000 shares. 3Q 2020 2Q 2020 3Q 2019(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$3.3 $0.05 $1.9 $0.03 $— $— Unrealized gain on equity investments, net0.1 — — — 21.3 0.31 Realized gain on sale of equity investment, net— — 22.1 0.35 — — Corporate development and restructuring expense0.4 0.01 2.8 0.04 18.9 0.27 Realized loss on termination of FHLB advances2.3 0.03 — — — — (1) As used in this press release, PPNR is a non-GAAP financial measure calculated as net revenue before 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 solid 3Q results including core ROA(2) of 1.48% and core pre-provision net revenue (PPNR)(2) of $68.0 million, or 1.98% of average assets, reflected the strength of our diversified business model while the economy gradually recovers. The quarter was also highlighted by a sig...