Business
WSFS Reports 4Q 2020 EPS of $1.20 and ROA of 1.73%; Results Driven By 3.93% NIM and Diversified Fee Income; Repurchased 6% of Shares in 4Q 2020; Strong ACL and Capital Levels
FOR ADDITIONAL FINANCIAL INFORMATION AND OUTLOOK, PLEASE REFER TO THE 4Q 2020 EARNINGS RELEASE SUPPLEMENT AVAILABLE IN THE INVESTOR RELATIONS SECTION OF
About this update from Wsfs Financial Corporation
[{"type":"text","content":" FOR ADDITIONAL FINANCIAL INFORMATION AND OUTLOOK, PLEASE REFER TO THE 4Q 2020 EARNINGS RELEASE SUPPLEMENT AVAILABLE IN THE INVESTOR RELATIONS SECTION OF WSFS' WEBSITE (www.wsfsbank.com). WILMINGTON, Del., Jan. 25, 2021 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, today announced its financial results for the fourth quarter of 2020. Selected quarterly financial results and metrics are as follows: (Dollars in millions, except per share data) 4Q 2020 3Q 2020 4Q 2019Net interest income $123.0 $113.0 $117.6 Fee income 46.6 49.2 41.8 Total net revenue 169.6 162.2 159.3 (Recovery of) provision for credit losses (0.9) 2.7 1.6 Noninterest expense 93.4 93.5 98.1 Net income attributable to WSFS 59.8 51.1 45.7 Pre-provision net revenue (PPNR)(1) 76.3 68.7 61.2 Earnings per share (diluted) 1.20 1.01 0.88 Return on average assets (ROA) 1.73% 1.49% 1.48%Return on average equity (ROE) 13.0 11.1 9.8 Efficiency ratio 55.0 57.6 61.5 GAAP results for the quarterly periods shown below included the following notable items that are excluded from our core results. 4Q 2020 3Q 2020 4Q 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 $3.2 $0.05 $3.3 $0.05 $0.3 $— Unrealized gain on equity investments, net — — 0.1 — — — Recovery of fraud loss — — — — 0.5 — Corporate development and restructuring expense 0.3 0.01 0.4 0.01 6.1 0.09 Realized loss on termination of FHLB advances — — 2.3 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, “We are pleased to end 2020 with strong 4Q results including core ROA(2) of 1.67% and core pre-provision net revenue (PPNR)(2) of $73.4 million, or 2.12% of average assets. Our performance reflects the diversification of our franchise and positive momentum as we enter 2021. During the quarter, we resumed our share repurchase program and returned $122.4 million of capital to our shareholders through ...