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• Core Earnings Per Share: $1.13

• Core Return on Assets (ROA): 1.29%

• Core Pre-Provision Net Revenue (PPNR): $104.6 million

• Core Return on Tangible Common Equity: 16.97%

• Core Net Interest Margin: Expanded 8 basis points to 3.88%

• Total Funding Costs: Reduced by 15 basis points to 1.77%

• Total Deposit Cost: 1.71%

• Interest-Bearing Deposit Beta: 38%

• Core Fee Revenue Growth: 6% year-over-year

• Wealth and Trust Growth: 19% year-over-year

• Core Efficiency Ratio: 59%

• Gross Loans: Down less than 1% in the quarter

• Client Deposits: Declined 1% in the quarter; up 4% year-over-year

• Non-Interest Bearing Deposits: Up 6% year-over-year

• Loan to Deposit Ratio: 77%

• Total Net Credit Costs: $17.6 million

• Net Charge-Offs: $24.6 million

• ACL Coverage Ratio: 1.43%

• Common Equity Tier 1 (CET1) Ratio: 14.1%

• Tangible Common Equity (TCE) Ratio: 8.63%

• Capital Returned: $62.6 million, including $53.8 million in buybacks and $8.8 million in dividends

• Quarterly Dividend Increase: 13% to $0.17 per share

• Share Repurchase Authorization: 10% of outstanding shares

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Release Date: April 25, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• WSFS Financial Corp (NASDAQ:WSFS) reported a solid start to 2025 with core earnings per share of $1.13, core ROA of 1.29%, and core return on tangible common equity of 16.97%, all showing improvements from the prior quarter.

• The core net interest margin expanded by 8 basis points to 3.88%, benefiting from a reduction in total funding costs and deposit repricing actions.

• Core fee revenue grew 6% year-over-year, driven by a 19% increase in wealth and trust services.

• WSFS Financial Corp (NASDAQ:WSFS) announced a 13% increase in the quarterly dividend to $0.17 per share and authorized an additional share repurchase of 10% of outstanding shares.

• The company maintained strong capital ratios, with CET1 at 14.1% and TCE at 8.63%, and returned $62.6 million of capital in the first quarter through buybacks and dividends.

Negative Points

• Gross loans were down less than 1% in the quarter, with commercial loans remaining flat as clients postponed investments due to macroeconomic uncertainty.

• Client deposits declined by 1% in the quarter, primarily due to seasonality and expected outflows in trust.

• Total net credit costs increased to $17.6 million, driven by a $15.9 million charge-off of a non-performing office-related C&I loan acquired from Bryn Mawr Trust.

• The company experienced a decline in cash connect fees quarter-over-quarter due to seasonally lower volumes and the impact of lower interest rates.

• There was an increase in delinquencies and problem loans, although no specific sector or large loan was identified as a concern.