Business
WSFS Reports 3Q 2021 EPS of $1.14 and ROA of 1.43%; Continued Strength From Diversified Business Model; $21.3 Million ACL Release as Positive Credit Trends Continue
WILMINGTON, Del., Oct. 21, 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., Oct. 21, 2021 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, today announced its financial results for the third quarter of 2021. Selected quarterly financial results and metrics are as follows: (Dollars in millions, except per share data) 3Q 2021 2Q 2021 3Q 2020 Net interest income $104.5 $106.7 $113.0 Fee income 42.6 49.0 49.2 Total net revenue 147.1 155.8 162.2 (Recovery of) provision for credit losses (21.3) (67.6) 2.7 Noninterest expense 96.4 96.0 93.5 Net income attributable to WSFS 54.4 95.7 51.1 Pre-provision net revenue (PPNR)(1) 50.7 59.7 68.7 Earnings per share (diluted) 1.14 2.01 1.01 Return on average assets (ROA) (a) 1.43 % 2.60 % 1.49 % Return on average equity (ROE) (a) 11.3 21.3 11.1 Efficiency ratio 65.5 61.6 57.6 GAAP results for the quarterly periods shown below included the following items that are excluded from core results. For 3Q 2021, the $2.0 million of corporate development and restructuring expense primarily relates to our pending combination with Bryn Mawr Bank Corporation (“Bryn Mawr”). 3Q 2021 2Q 2021 3Q 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 $— $— $— $— $3.3 $0.05 Unrealized (loss) gain on equity investments, net (0.1) — 5.3 0.08 0.1 — Realized loss on sale of equity investment, net (0.7) 0.01 — — — — Corporate development and restructuring expense 2.0 0.04 2.4 0.04 0.4 0.01 Loss on debt extinguishment — — 1.1 0.02 2.3 0.03 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, “3Q operating results reflect continued strength in our diversified business model including solid results in our fee businesses, a strong capital position, and overall improving credit metrics. We continue to be well positioned for significant organic growth across all of our business lines. Our integration planning cont...