Wsfs Financial Corporation · NASDAQ:WSFS
Wsfs Financial — Q1 2025 Earnings Presentation
20 slides from Wsfs Financial's earnings presentation, Apr 24, 2025
Slide 1: WSFS Financial Corporation 1Q 2025 Earnings Release Supplement
1 WSFS Financial Corporation 1Q 2025 Earnings Release Supplement April 2025 Exhibit 99.2
Slide 2: Forward Looking Statements & Non-GAAP
2 Forward Looking Statements & Non-GAAP Trade names, trademarks and service marks of other companies appearing in this presentation are the property of their respective holders. Forward Looking Statements: This presentation contains estimates, predictions, opinions, projections and other "forward-lo
Slide 3: Financial Highlights
3 Financial Highlights • Core ROA of 1.29%, up 5bps QoQ, and Core PPNR of $104.6mm, up 11% QoQ • Maintained Core ROA and Core PPNR YoY while absorbing 100bps of interest rate declines • NIM of 3.88%, up 8bps QoQ, reflecting deposit repricing actions, partially offset by lower loan yields • Client de
Slide 4: Net Interest Margin Trends
4 Net Interest Margin Trends 3.88% NIM reflects deposit repricing actions, partially offset by lower loan yields 1 Includes noninterest and interest-bearing; interest-bearing deposits include demand, money market, savings, and time deposits 2 Average total loans yield excludes PAA 3 Deposit betas ar
Slide 5: Loan Portfolio Highlights
5 Loan Portfolio Highlights • Commercial: Loans flat QoQ with lower originations as Clients postponed major investments due to the uncertain economic conditions • Line utilization of 38.1%, up from 36.5% last quarter mainly due to seasonality trends • 90-day weighted average pipeline remains stable
Slide 6: Deposit Highlights
6 Deposit Highlights • $151mm (4% annualized) decrease in ending client deposits QoQ • Driven by seasonality and expected outflows in Trust, partially offset by growth in Consumer • $692mm (4%) increase in ending client deposits YoY, driven by growth within Consumer, Commercial, and Trust • 50% of a
Slide 7: Core Fee Revenue ratio driven by Wealth and Trust
7 $17 $18 $17 $26 $25 $24 $33 $40 $40 $76 $83 $81 $- $10 $20 $30 $40 $50 $60 $70 $80 $90 1Q24 4Q24 1Q25 Co re F ee R ev en ue ($ m m ) Banking Cash Connect Wealth and Trust2 Core Fee Revenue1 31.5% Core Fee Revenue ratio1 driven by Wealth and Trust 1 These are non-GAAP financial measures and should
Slide 8: Capital
8 10.76% 10.47% 12.67% 8.63% 3.34% 0.70% 3.22% 1.90% 14.10% 11.17% 15.89% 10.53% 0% 4% 8% 12% 16% CET1 Leverage TRBC TCE Effective AOCI Well-capitalized Reported ($9.52) $29.25 ($20) ($10) $0 $10 $20 $30 $40 1Q21 3Q21 1Q22 3Q22 1Q23 3Q23 1Q24 3Q24 1Q25 TBV and AOCI per Share AOCI/share TBV/share Cap
Slide 9: Capital Return Framework
9 Capital Return Framework Increased quarterly dividend and accelerated share repurchases in 1Q25 • 13% increase ($0.02) to quarterly dividend; now $0.17 per share • Additional share repurchase authorization of 10% of outstanding shares as of quarter-end, increasing repurchase authorization to 14% o
Slide 10: Investment Portfolio
10 Investment Portfolio High-quality investment portfolio providing consistent cash flows and borrowing capacity 1 Investment portfolio value includes market value AFS and book value of HTM 2 Weighted average duration and yield of the MBS portfolio 3 This is a non-GAAP financial measure and should b
Slide 11: Commercial Real Estate Portfolio
11 $0.0 $0.1 $0.2 $0.3 $0.4 $0.5 $0.6 2025 2026 2027 2028 2029 Bi lli on s Volume of Maturing CRE Loans by Industry Office Multi-Family Industrial/Flex Retail Resi 1-4 Other CRE and Select Portfolios 1 Inclusive of Construction 2 Office CRE portfolio excludes $100.1mm ($101.3mm exposure) of Medical
Slide 12: ACL Overview
12 $160 $170 $180 $190 $200 $210 12/31/2024 Loan Originations (ex. Upstart) Economic Forecast Upstart Payoffs/NCOs /Other 3/31/2025 ACL Ratio 1Q 2025 ACL ($mm) $188 1 Reflects ACL on loans and leases over the amortized cost of the total portfolio 2 This is a non-GAAP financial measures and should be
Slide 13: Asset Quality Metrics
13 Asset Quality Metrics Problem Assets Nonperforming Assets (NPA) Delinquencies (DLQ) Net Charge-offs (NCO) $573 $629 $722 $645 $684 4.41% 4.76% 5.40% 4.87% 5.19% 0.0% 1.2% 2.4% 3.6% 4.8% 6.0% $300 $400 $500 $600 $700 $800 1Q24 2Q24 3Q24 4Q24 1Q25 M ill io ns Problem Assets % of Gross Loans $105 $8
Slide 14: Appendix: Non-GAAP Financial Information
14 Non-GAAP Financial Information Appendix:
Slide 15: Non-GAAP Information
15 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 16: Appendix: Non-GAAP Financial Information
16 Appendix: Non-GAAP Financial Information Three Months Ended (dollars in thousands) March 31, 2025 December 31, 2024 March 31, 2024 Net interest income (GAAP) $ 175,216 $ 178,207 $ 175,278 Core net interest income (non-GAAP) $ 175,216 $ 178,207 $ 175,278 Noninterest income (GAAP) $ 80,897 $ 83,307
Slide 17: Appendix: Non-GAAP Financial Information
17 Appendix: Non-GAAP Financial Information Three Months Ended (dollars in thousands, except per share data) March 31, 2025 December 31, 2024 March 31, 2024 GAAP net income attributable to WSFS $ 65,896 $ 64,202 $ 65,761 Plus/(less): Pre-tax adjustments1 319 2,019 2,076 (Plus)/less: Tax impact of pr
Slide 18: Appendix: Non-GAAP Financial Information
18 Appendix: Non-GAAP Financial Information Three Months Ended Three Months Ended (dollars in thousands) March 31, 2025 December 31, 2024 March 31, 2024 March 31, 2025 December 31, 2024 March 31, 2024 Calculation of return on average tangible common equity: Calculation of core return on average tang
Slide 19: Appendix: Non-GAAP Financial Information
19 Appendix: Non-GAAP Financial Information (dollars in thousands, except per share data) March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 March 31, 2024 December 31, 2023 September 30, 2023 June 30, 2023 March 31, 2023 Calculation of tangible common book value per share: Total stoc
Slide 20: Appendix: Non-GAAP Financial Information
20 Appendix: Non-GAAP Financial Information As of March 31, (dollars in thousands) 2025 Calculation of adjusted common equity Tier 1 capital: Common equity tier 1 capital (GAAP) $ 2,265,369 Less: Effective AOCI (non-GAAP) 648,640 Adjusted common equity tier 1 capital (non-GAAP) $ 1,616,729 Risk Weig