Q3 2024 WSFS Financial Corp Earnings Call Transcript
Key Points
- WSFS Financial Corp (WSFS) reported a core EPS of $1.08 per share, demonstrating strong financial performance.
- Loans and deposits increased by 5% and 3% respectively on an annualized basis, indicating healthy growth.
- Core fee revenue rose by 5% quarter-over-quarter and 23% year-over-year, showcasing robust revenue generation.
- Successful completion of the trust accounting system conversion and upgraded client account portal positions WSFS for future growth.
- Total stockholders' equity increased by 8% linked quarter, reflecting strong market value increases and earnings.
- Net interest margin decreased by 7 basis points from the previous quarter, impacted by higher-priced deposits.
- Nonperforming assets increased by 12 basis points quarter-over-quarter, driven by two problem loans.
- Net charge-offs rose by 14 basis points quarter-over-quarter, primarily due to a write-down of a nonperforming loan.
- Core noninterest expense increased by 5% linked quarter, driven by unfunded loan commitment reserves and higher loan workout costs.
- Wealth management fee revenue declined by 3% linked quarter, despite a 12% increase over the previous year.
Thank you for standing by, and welcome to the WSFS Financial Corporation third-quarter earnings call. (Operator Instructions) I'd now like to turn the call over to Rodger Levenson, Chairman, President and Chief Executive Officer. Sir, you may begin.
Thank you, Ron, and thanks to everyone for joining us on the call today. Before we get started, I wanted to officially introduce the newest member of our executive leadership team, Executive Vice President and CFO, David Burg. As many of you know, David joined WSFS in mid-August, following a 17-year career at Citigroup. During his short tenure with WSFS, he has demonstrated the leadership and skills to accelerate our growth and deliver shareholder value. We're thrilled to have him on the team. David?
Thank you, Rodger, and thank you, everyone, for joining our third quarter 2024 earnings call.
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