Wsfs Financial Corporation · NASDAQ:WSFS
Wsfs Financial — Q4 2022 Earnings Presentation
16 slides from Wsfs Financial's earnings presentation, Jan 26, 2023
Slide 1: 4Q 2022 Earnings Release Supplement
1 Exhibit 99.2 4Q 2022 Earnings Release Supplement January 2023 WSFS Financial Corporation
Slide 2: Forward Looking Statements & Non-GAAP
2 Forward Looking Statements & Non-GAAP Forward Looking Statements: This presentation contains estimates, predictions, opinions, projections and other "forward-looking statements" as that phrase is defined in the Private Securities Litigation Reform Act of 1995. Such statements include, without limi
Slide 3: Financial Highlights
3 Financial Highlights 4Q 2022 FY 2022 $ in millions (except per share amounts) Reported Core1 Reported Core1 EPS $1.37 $1.38 $3.49 $4.25 ROA 1.69% 1.71% 1.09% 1.32% Net Income2 $84.4 $85.5 $222.4 $270.7 PPNR1 $125.9 $127.2 $348.7 $410.8 PPNR %1 2.51% 2.54% 1.70% 2.01% ROE 15.74% 15.93% 9.27% 11.28%
Slide 4: 2023 Outlook – Core Key Metrics
4 3 2023 Outlook – Core Key Metrics Loan Growth Mid-single digit growth; Driven by diversified loan portfolios Deposit Growth Relatively flat; Core franchise growth offset by normalizing customer excess liquidity Net Interest Margin Range of 4.35% - 4.45%; Fed Funds Rate ending at 4.75%; IB deposit
Slide 5: Loan Portfolio Trends
5 Loan Portfolio Trends • Total gross loan growth of 7% annualized excluding acquired residential mortgage portfolio • Commercial loan growth of $74 million, or 3% annualized driven by Commercial Mortgages and Leases • Commercial portfolio comprises 78% of total gross loans • Consumer loan growth of
Slide 6: Deposit Balance Trends
6 Deposit Balance Trends • Excluding Public Funding and Transactional Trust deposits, Customer deposit decline of $236 million or 2% (6% annualized) • Due to continued customer utilization of excess liquidity • 54% of Customer deposits are in Wealth and Trust, Commercial, and Small Business portfoli
Slide 7: Net Interest Margin Trends
7 0.09% 0.07% 0.08% 0.15% 0.35% 4.23% 4.13% 4.40% 5.12% 5.98% 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 0.0% 0.2% 0.3% 0.5% 0.6% 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 Lo an Y ie ld (% ) Cu st om er D ep os it Co st (% ) Total Deposit Cost Total Loans Ex PPP/PAA Yield 2.91% 2.94% 3.29% 3.90% 4.40% 0.
Slide 8: Core Fee Revenue
8 $18 $32 $33 $30 $31 $12 $16 $19 $19 $15 $11 $10 $12 $15 $18 $5 $3 $2 $1 $1 $46 $61 $66 $65 $65 $- $10 $20 $30 $40 $50 $60 $70 4Q 2021 1Q 2022 2Q 2022 3Q 2022 4Q 2022 Co re F ee R ev en ue ( $m m )2 Wealth Management Banking Cash Connect Mortgage 1 These are non-GAAP financial measures and should b
Slide 9: ACL Overview
9 0% 1% 2% 3% 4% 5% 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 3Q22 Forecast 4Q22 Forecast ACL Ratio 1 Source: Oxford Economics as of December 2022 2 Hotel loan balances are included in the C&I and Construction segments ACL Overview ACL by Segment Full-Year GDP forecast of 2.0% in 2022 and 0.1% in 2023
Slide 10: Capital Management
10 Capital Management TCE Ratio1,2 with AOCI 4Q 2022 Bank Capital Ratios 7.47% 6.63% 5.73% 6.31% 1.57% 2.66% 3.77% 3.58% 9.04% 9.29% 9.50% 9.89% 0% 3% 6% 9% 12% 1Q 2022 2Q 2022 3Q 2022 4Q 2022 TCE/Tangible Assets AOCI/Tangible Assets • TCE Ratio increased 58bps vs 3Q, including 14bps reduction from
Slide 11: Appendix: Non-GAAP Financial Information
11 Non-GAAP Financial Information Appendix:
Slide 12: Non-GAAP Information
12 Non-GAAP Information This presentation contains financial measures determined by methods other than in accordance with accounting principles generally accepted in the United States (GAAP). This presentation may include the following non-GAAP measures: • Adjusted Net Income (non-GAAP) attributable
Slide 13: Appendix: Non-GAAP Financial Information
13 Appendix: Non-GAAP Financial Information Three Months Ended Twelve Months Ended (dollars in thousands) December 31, 2022 September 30, 2022 December 31, 2021 December 31, 2022 Net interest income (GAAP) $ 193,886 $ 176,831 $ 108,224 $ 662,890 Core net interest income (non-GAAP) $ 193,886 $ 176,83
Slide 14: Appendix: Non-GAAP Financial Information
14 Appendix: Non-GAAP Financial Information Three Months Ended Twelve Months Ended (dollars in thousands, except per share data) December 31, 2022 September 30, 2022 December 31, 2021 December 31, 2022 GAAP net income attributable to WSFS $ 84,449 $ 73,382 $ 56,287 $ 222,375 Plus/(less): Pre-tax adj
Slide 15: Appendix: Non-GAAP Financial Information
15 Appendix: Non-GAAP Financial Information Three Months Ended Twelve Months Ended (dollars in thousands) December 31, 2022 September 30, 2022 December 31, 2021 December 31, 2022 Calculation of return on average tangible common equity: GAAP net income attributable to WSFS $ 84,449 $ 73,382 $ 56,287
Slide 16: Investor Relations contact information
16 Stockholders or others seeking information regarding the Company may call or write: WSFS Financial Corporation Investor Relations WSFS Bank Center 500 Delaware Avenue Wilmington, DE 19801 302-504-9857 stockholderrelations@wsfsbank.com www.wsfsbank.com Rodger Levenson Chairman, President and CEO 3