Business
WSFS Reports 3Q 2022 EPS of $1.16, ROA of 1.44%; Reflects Expanded NIM of 3.99%, Diversified Loan Growth, and Fee Revenue at 26.1% of Total Net Revenue
WILMINGTON, Del., Oct. 24, 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., Oct. 24, 2022 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, today announced its financial results for the third quarter of 2022. Selected quarterly financial results and metrics are as follows: (Dollars in millions, except per share data)3Q 2022 2Q 2022 3Q 2021Net interest income$176.8 $153.6 $104.5 Fee revenue62.7 72.0 42.6 Total net revenue239.5 225.6 147.1 Provision for (recovery of) credit losses7.5 8.3 (21.3)Noninterest expense132.9 134.0 96.4 Net income attributable to WSFS73.4 60.7 54.4 Pre-provision net revenue (PPNR)(1)106.6 91.6 50.7 Earnings per share (EPS) (diluted)1.16 0.94 1.14 Return on average assets (ROA) (a)1.44% 1.17% 1.43%Return on average equity (ROE) (a)12.4 10.1 11.3 Efficiency ratio55.4 59.3 65.5 GAAP results for the quarterly periods shown below included the following items that are excluded from core results. For 3Q 2022, the corporate development and restructuring expense primarily relates to our combination with Bryn Mawr Trust and the valuation adjustment of $2.3 million is related to our derivative liability established from the sale of 360,000 Visa Class B shares in 2Q 2020. 3Q 2022 2Q 2022 3Q 2021 (Dollars in millions, except per share data)Total(pre-tax) Per share(after-tax) Total(pre-tax) Per share(after-tax) Total(pre-tax) Per share(after-tax)Unrealized gain (loss) on equity investments, net$— $— $6.0 $0.07 $(0.1) $— Realized loss on sale of equity investment, net— — — — (0.7) 0.01 Visa derivative valuation adjustment(2)2.3 0.03 — — — — Corporate development and restructuring expense2.6 0.03 10.3 0.15 2.0 0.04 (1) As used in this press release, PPNR is a non-GAAP financial measure that adjusts net income determined in accordance with GAAP to exclude the impacts of (i) income tax provision and (ii) provision for (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. (2) The Visa derivative valuation adjustment represents an expense to increase the liability and is included in Other income on the Summary Statements of Income. CEO Commentary Rodger Levenson, Chairman, President and CEO, said, “Our performance in the third quarter reflects the continued organization-wide focus on optimizing re...