WSFS Financial Corporation (WSFS) Q4 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

are Roger Levinson, Chairman, President, and CO, and Art Bocci, Chief Operating Officer. Prior to reviewing our financial results, I would like to read our safe harbor statement. Our discussion today will include information about management's view of our future expectations, plans, and prospects that constitute forward-looking statements. Actual results may differ materially from historical results or those indicated by these forward-looking statements due to risks and uncertainties including, but not limited to, the risk factors included in our annual report in Form 10-K, and our most recent quarterly reports in Form 10-Q, as well as other documents we'll periodically file with the Securities and Exchange Commission. All comments made during today's call are subject to the Safe Harbor Statement. I will now turn to our financial results. Our businesses continue to perform very well in the quarter, providing us with strong momentum moving into 2025. 4Q results included a quarter earnings per share of $1.11, core return on assets of 1.24%, and core return on tangible common equity of 16.55%. These results cap the successful 2024 with full-year core earnings per share of $4.39, core return on assets of 1.26%, and core return on tangible common equity of 17.83%. Our results for the quarter included the termination of a relationship with a longstanding Cash Connect client as a result of adverse events in the client's overall business portfolio. This termination resulted in a negative 4.7 million pre-tax impact to our financials, with a 2.8 million impact to core fee revenue and a 1.9 million impact to core non-interest expense. This event is an isolated incident that does not have a broader bearing on the Cash Connect business. The team acted proactively to protect our i...