Q2 2024 WSFS Financial Corp Earnings Call Transcript
Key Points
- WSFS Financial Corp reported core earnings per share of $1.08, core return on assets of 1.25%, and core return on tangible common equity of 18.83%.
- Core fee revenue increased by 13% quarter-over-quarter and 28% year-over-year, driven by growth across all major fee businesses.
- Wealth management fee revenue grew 14% quarter-over-quarter and 16% year-over-year, with strong results in institutional services and Bryn Mawr Trust Company of Delaware.
- Cash Connect added nearly 8,000 service non-bank ATMs since Q3 2023, increasing its ROA to 1.72% in Q2.
- WSFS Financial Corp returned $48.7 million to shareholders in Q2, including $9 million in dividends and $39.7 million in stock buybacks.
- Problem loans increased due to downgrades of three C&I loans, impacting asset quality.
- Net charge-offs for the quarter were 44 basis points, with potential weakness in a small group of problem loans.
- Deposit growth is projected to be flat year-over-year due to competitive pressures and seasonality.
- Interest-bearing deposit beta is expected to be higher than previously communicated, at less than 55%, due to competitive marketplace pricing.
- The loan-to-deposit ratio is forecasted to end the year at 83%, indicating potential challenges in maintaining balanced growth.
Thank you for standing by. At this time, I would like to welcome everyone to today's Wilmington Savings Fund Society Financial Corporation second-quarter earnings call. (Operator Instructions) I'd now like to turn the call over to your host for today, Mr. Art Bacci, Chief Wealth Officer and Interim Chief Financial Officer. Sir, you may begin.
Good morning or good afternoon, and thank you for joining our second-quarter 2024 earnings call. Our earnings release and earnings release supplement, which we will refer to on today's call, can be found in the Investor Relations section of our company website. With me on this call are Rodger Levenson, Chairman, President, and CEO; Steve Clark, Chief Commercial Banking Officer; and Shari Kruzinski, Chief Consumer Banking Officer.
Before I turn the call over to Rodger and for his remarks on the quarter, I would like to read our Safe Harbor statement. Our discussion today will include information about
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