Business
WSFS Reports 4Q 2021 EPS of $1.18 and ROA of 1.45%; Full-Year Record Earnings of $271.4 Million and ROA of 1.82%; Successfully Closed Acquisition of Bryn Mawr Trust on January 1
WILMINGTON, Del., Jan. 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., Jan. 24, 2022 (GLOBE NEWSWIRE) -- WSFS Financial Corporation (Nasdaq: WSFS), the parent company of WSFS Bank, today announced its financial results for the fourth quarter of 2021. Selected quarterly financial results and metrics are as follows: (Dollars in millions, except per share data) 4Q 2021 3Q 2021 4Q 2020Net interest income $108.2 $104.5 $123.0 Fee revenue 46.0 42.6 46.6 Total net revenue 154.3 147.1 169.6 Recovery of credit losses (8.1) (21.3) (0.9)Noninterest expense 90.4 96.4 93.4 Net income attributable to WSFS 56.3 54.4 59.8 Pre-provision net revenue (PPNR)(1) 63.8 50.7 76.3 Earnings per share (diluted) 1.18 1.14 1.20 Return on average assets (ROA) (a) 1.45% 1.43% 1.73%Return on average equity (ROE) (a) 11.7 11.3 13.0 Efficiency ratio 58.5 65.5 55.0 GAAP results for the quarterly periods shown below included the following items that are excluded from core results. For 4Q 2021, the corporate development and restructuring expense primarily relates to our combination with Bryn Mawr Bank Corporation (“Bryn Mawr Trust”) and the recovery of legal settlement relates to the previously disclosed Charter Oak matters. 4Q 2021 3Q 2021 4Q 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 $— $— $— $— $3.2 $0.05 Unrealized loss on equity investments, net — — (0.1) — — — Realized loss on sale of equity investment, net — — (0.7) 0.01 — — Corporate development and restructuring expense 6.7 0.11 2.0 0.04 0.3 0.01 Recovery of legal settlement (15.0) 0.23 — — — — (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, “During the quarter we received the final regulatory approval from the Federal Reserve for our acquisition of Bryn Mawr Trust, and on January 1, 2022 we successfully closed our combination. We remain on track to complete our bank branding and systems conversion in late first quarter of 2022. We warmly welcome our new Associates and Cus...