Wsfs Financial Corporation · NASDAQ:WSFS
Wsfs Financial — Q1 2022 Earnings Presentation
19 slides from Wsfs Financial's earnings presentation, Apr 22, 2022
Slide 1: WSFS Financial Corporation 1Q 2022 Earnings Release Supplement
WSFS Financial Corporation 1Q 2022 Earnings Release Supplement April 2022 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: 1Q 2022 Financial Highlights
1Q 2022 Financial Highlights 1Q 2022 1Q 2022 Core PPNR1 of $76.2 million, or 1.47% of assets, $ in millions (except per share Reported Core1 highlights strong and diversified performance, and a amounts) EPS $0.06 $0.66 successful combination and conversion of Bryn Mawr Trust ROA 0.07% 0.83% 1Q 2022
Slide 4: WSFS and Bryn Mawr Trust Update
WSFS and Bryn Mawr Trust Update Bank technology, branding, and branch conversion successfully completed Key Metrics Update1 Deal Announcement Current As of March 10, 2021 As of March 31, 2022 • 40,000+ new Banking Customer Total Consideration $976.4mm Total Consideration $908.0mm households welcomed
Slide 5: 2022 Core Outlook as originally presented in 4Q 2021 Presentation
2022 Core Outlook as originally presented in 4Q 2021 Presentation Outlook FY Core ROA range of 1.05% - 1.15%; 4Q of 1.20% +/- ; Resulting from franchise growth, BMT cost synergies, continued investments in talent and technology 2022 Core Outlook1 Mid-to-high single digit growth excluding residential
Slide 6: 2022 Core Outlook - Interest Rate Update
2022 Core Outlook - Interest Rate Update Seven total rate increases1 lifts 2022 Outlook Rate Impact; Annualized impact of every 25bps increase is 7bps NIM and 4bps ROA Net Interest Margin Return on Assets Tangible Book Value +16bps to 2022 NIM FY Outlook +10bps to 2022 ROA FY Outlook Per Share2 3.80
Slide 7: 2022-2024 Strategic Plan
2022-2024 Strategic Plan Delivering sustainable high-performance, defined as top-quintile Core ROA relative to our peer group, continues to be our primary financial strategic objective 1.80% Core Return on Average Assets1 1.70% +/- 1.70% 0.20% 0.03% (0.04%) 0.07% (0.05%) (0.03%) 1.60% 0.01% 0.17% (0
Slide 8: Loan and Deposit Growth
Loan and Deposit Growth Continued diversified deposit growth and strong loan-to-deposit ratio of 64% positioned well for organic loan growth Loans - 1Q 2022 vs Pro forma1 Deposits - 1Q 2022 vs Pro forma1 QoQ Pro forma QoQ Proforma Mar Dec Pro forma Pro forma Annualized Mar Dec Pro forma Pro forma An
Slide 9: Excess Liquidity Impact and Management
Excess Liquidity Impact and Management Commercial Portfolio: Net New Loan Fundings ($mm)1 $600 $503 $474 $490 $400 $426 Commercial Portfolio Highlights $292 $200 • Net new Commercial Loan Fundings of $503 million driven by continued growth in pipeline - $(200) • New fundings continue to improve from
Slide 10: Net Interest Margin Trends
Net Interest Margin Trends Well positioned for rising rate environment due to stable NIM, diversified low funding costs, and balance sheet mix 3.75% Average Deposit Cost1 and Loan Yield2 0.6% 3.59% 4.4% Customer Deposit Cost (%) 0.12% 4.30% 4.2% 3.50% 0.5% 4.23% 4.20% 4.16% 0 4.13% 4.0% Loan Yield (
Slide 11: Core Fee Revenue Trends
Core Fee Revenue1 Trends $70 Core Fee Revenue %2 30.2% 30.0% 29.9% 30.0% 30.5% Diversified business model $60 $3 drives Core Fee Revenue strength $10 $50 • Well-diversified with over 25 discrete lines of business and products within our three Core Fee Revenue ($mm)2 $5 $9 $4 main segments: Banking,
Slide 12: ACL Overview
ACL Overview Full-Year GDP forecast of 3.4% in 2022 and 2.1% in 20231 Full-Year Unemployment forecast of 3.6% in 2022 and 3.4% in 20231 1Q 2022 ACL Commentary • Coverage ratio of 1.19% and 1.53% including estimated remaining GDP Growth by Quarter Unemployment by Quarter 5% 5% credit mark on the acqu
Slide 13: Appendix: Non-GAAP Financial Information
Appendix: Non-GAAP Financial Information 13
Slide 14: Non-GAAP Information
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 to
Slide 15: Appendix: Non-GAAP Financial Information
Appendix: Non-GAAP Financial Information Three Months Ended Three Months Ended March 31, 2022 December 31, 2021 March 31, 2021 (dollars in thousands, except per share data) March 31, 2022 December 31, 2021 March 31, 2021 (dollars in thousands) Net interest income (GAAP) $ 138,558 $ 108,224 $ 114,185
Slide 16: Appendix: Non-GAAP Financial Information
Appendix: Non-GAAP Financial Information Three Months Ended For the year ended December 31, March 31, December 31, March 31, (dollars in thousands) 2010 2011 2012 2013 (dollars in thousands) Net Income (GAAP) $ 14,117 $ 22,677 $ 31,311 $ 46,882 2022 2021 2021 Calculation of return on average tangibl
Slide 17: Appendix: Non-GAAP Financial Information
Appendix: Non-GAAP Financial Information For the year ended December 31, (dollars in thousands) 2016 2017 2018 2019 2020 2021 Net interest income (as reported) $ 193,745 $ 221,271 $ 246,474 $ 444,948 $ 465,955 $ 433,649 Adj: Tax-equivalent income 2,970 2,991 1,360 1,215 1,151 1,000 Core net interest
Slide 18: Appendix: Key Deal Metrics
Appendix: Key Deal Metrics Tangible Book Value Reconcilation (non-GAAP) $ in Millions Deal Announcement 1 Pro forma2 Total Assets (GAAP) $ 14,002 $ 15,777 Less: Goodwill and other intangible assets 549 547 Total Tangible Assets (non-GAAP) $ 13,453 $ 15,230 Total stockholders' equity of WSFS (GAAP) 1
Slide 19: Stockholders or others seeking information may call or write
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 Dominic C. Canuso Chairman, Pres