Wsfs Financial Corporation · NASDAQ:WSFS
Wsfs Financial — Investor Presentation (March 2024)
21 slides from Wsfs Financial's investor presentation, Mar 25, 2024
Slide 1: WSFS Financial Corporation Investor Overview March 2024
WHERE THERE’S A WSFS, THERE’S A WAY. 1 WSFS Financial Corporation Investor Overview March 2024 Exhibit 99.1
Slide 2: Forward looking statements & non-GAAP
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 limita
Slide 3: Why invest in WSFS?
Optimizing significant franchise investments: • Major investments gaining traction; building out Salesforce capabilities, implementing RPAs4, and evaluating artificial intelligence models • Increasing efficiencies, expanding controls, and improving overall Customer experience Diverse customer base:
Slide 4: We are uniquely positioned in our market
We are uniquely positioned in our market 1 FDIC and S&P Global. Data excludes brokered deposits, credit unions, and non-traditional banks; as of June 30, 2023. Also excludes TD Bank’s 2035 Limestone Rd Wilmington, DE location 2 U.S. Census Bureau (2022), American Community Survey 1-Year Estimates 3
Slide 5: 2023 financial highlights
5 2023 financial highlights Earnings • Reported ROA of 1.33%; Core ROA of 1.38%2 • Reported EPS of $4.40; Core EPS of $4.552 • Reported ROTCE of 21.73%; Core ROTCE of 22.48%2 Growth • Customer deposits ended up $341 million (+2%) YoY • Gross loans ended up $843 million (+7%) YoY • Record core fee re
Slide 6: 2024 outlook as originally presented in 4Q 2023 Supplement
6 2024 outlook as originally presented in 4Q 2023 Supplement 1 The Company is not able to reconcile the forward-looking non-GAAP estimates set forth above to their most directly comparable GAAP estimates without unreasonable efforts because it is unable to predict, forecast or determine the probable
Slide 7: Local knowledge at a national scale
7 Local knowledge at a national scale • Financial planning • Family office services • Succession and estate planning • Investment management • Charitable and foundation strategies Private Wealth Management Corporate Trust and Global Capital Markets: • Trustee and agent services • Custody/escrow serv
Slide 8: Commercial, Small Business and Consumer banking
Commercial Small Business Consumer Business Banking Middle Market Commercial Real Estate Leasing Banking SBA Lending Residential Mortgage Consumer Banking Consumer Partnerships Bring a full suite of capabilities Capabilities in treasury management, cash logistics and capital markets Deep market expe
Slide 9: Wealth and Trust: Overview
9 Wealth and Trust: Overview 26% 40% 34% 0% 10% 20% 30% 40% 2021 2022 2023 Transaction-based Account-based AUM-based Fee Revenue Composition $20.7 $24.2 $34.6 $64.5 $78.1 $0 $20 $40 $60 $80 $100 2019 2020 2021 2022 2023 Bi llio ns AUA AUM AUA and AUM 5th largest wealth business amongst full-service
Slide 10: Wealth and Trust: PWM and Personal Trust
10 Wealth and Trust: PWM and Personal Trust 29% FY23 Fee Revenue Private Wealth Management (PWM) FY Fee Revenue: $59.0 million Personal Trust (BMT of DE) FY Fee Revenue: $24.4 million Trustee and advisory services, financial planning, investment management, family office and traditional banking serv
Slide 11: Wealth and Trust: Institutional Trust
11 Wealth and Trust: Institutional Trust 2023 Highlights: • $49.6 million fee revenue; up 19% YoY1 • $20.9 billion AUA; up 33% YoY • 4th most active trustee2 by number of deals • Reached $1.3 billion in deposits 17% FY23 Fee Revenue Global Capital Markets (GCM) FY Fee Revenue: $13.7 million Corporat
Slide 12: Cash Connect®
12 Cash Connect® 28% FY23 Fee RevenueCash Supported • ~$1.9 billion cash managed • Oldest and largest vault cash provider in the ATM industry ATMs • ~33,000 non-bank and 590 WSFS; one of the largest networks in footprint • Support over 60 ATM ISOs Smart Safes • +1,248 safes or 16.7% YoY • Over 8,700
Slide 13: NewLane Finance
~27,000 small business customers; <1% market penetration in this segment • Market Opportunity: • $100+ billion segment with over 100,000 equipment dealer • Over 30 million small businesses nationwide • Customer Growth: • Eligible customer 3-year CAGR of +60% • Granular with High-Yields and Collatera
Slide 14: Capital and liquidity
13.72% 0% 3% 6% 9% 12% 15% $0.0 $0.6 $1.2 $1.8 $2.4 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 4Q23 Bi lli on s CET1 Well-Capitalized CET1 Ratio 14 Capital and liquidity 78% 0% 20% 40% 60% 80% 100% $0 $4 $7 $11 $14 $18 $21 4Q17 4Q18 4Q19 4Q20 4Q21 4Q22 4Q23 Bi lli on s Gross Loans Customer Deposits L/D Ratio 14.
Slide 15: Asset quality
15 Asset quality 1 Excludes the impact of PPP loans since March 2020 2 Includes non-accruing loans 3 This is a non-GAAP financial measure and should be considered along with results prepared in accordance with GAAP, and not as a substitute for GAAP results. See Appendix for reconciliation to GAAP fi
Slide 16: Appendix: Non-GAAP Information
Appendix: Non-GAAP Information 16
Slide 17: Non-GAAP information
17 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 18: Non-GAAP information
18 Non-GAAP information For the year ended December 31, (dollars in thousands) 2023 2022 Net interest income (GAAP) $ 725,103 $ 662,890 Core net interest income (non-GAAP) $ 725,103 $ 662,890 Noninterest income (GAAP) $ 289,871 $ 260,134 Less: Unrealized gain on equity investments, net 329 5,980 Les
Slide 19: Non-GAAP information
19 Non-GAAP information 1 Pre-tax adjustments include realized/unrealized gain on equity investments, net, Visa derivative valuation adjustment, FDIC special assessment, corporate development and restructuring expense, and contribution to WSFS Cares Foundation For the year ended December 31, (dollar
Slide 20: Non-GAAP information
20 Non-GAAP information For the year ended December 31, (dollars in thousands) 2023 2022 Calculation of return on average tangible common equity: GAAP net income attributable to WSFS $ 269,156 $ 222,375 Plus: Tax effected amortization of intangible assets 11,724 11,752 Net tangible income (non-GA
Slide 21: Investor Relations contact information
21 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