WSFS (WSFS) Q3 2024 Earnings Call Transcript

Motley Fool Transcribing, The Motley Fool

Mon, January 26, 2026 astatine 9:58 AM CST 22 min read

Image source: The Motley Fool.

Friday, October 25, 2024 astatine 1 p.m. ET

• Chairman, President, and CEO — Rodger Levenson

• Chief Financial Officer — David Burg

• Chief Operating Officer — Art Bacci

• Chief Commercial Banking Officer — Steve Clark

• Chief Consumer Banking Officer — Shari Kruzinski

Need a punctuation from a Motley Fool analyst? Email [email protected]

David Burg: Thank you, Rodger, and convey you, everyone, for joining our 3rd 4th 2024 net call. Our net merchandise and net merchandise supplement, which we volition notation to connected today's call, tin beryllium recovered successful the capitalist relations conception of our institution website. In summation to Rodger Levenson, our Chairman, President, and CEO, I'm joined by Art Bacci, Chief Operating Officer; Steve Clark, Chief Commercial Banking Officer; and Shari Kruzinski, Chief Consumer Banking Officer. Prior to reviewing our fiscal results, I would similar to work our Safe Harbor Statement. Our treatment contiguous volition see accusation astir management's presumption oregon aboriginal expectations, plans, and prospects that represent forward-looking statements.

Actual results whitethorn disagree materially from humanities results oregon those indicated by these forward-looking statements owed to risks and uncertainties including, but not constricted to, the hazard factors included successful an yearly study connected Form 10-K, our astir caller quarterly reports connected Form 10-Q, arsenic good arsenic different documents we periodically filed with the Securities and Exchange Commission. All comments made during today's telephone are taxable to the Safe Harbor Statement. I volition present crook to our fiscal results. WSFS proceed to show the spot of our franchise and divers concern exemplary during the 3rd quarter. Results included a halfway EPS of $1.08 per share, halfway ROA of 1.22%, and halfway instrumentality connected tangible communal equity of 16.96%.

Loans and deposits accrued 5% and 3% respectively connected an annualized basis. Growth successful loans was broad-based and our deposits remained good diversified. Our indebtedness to deposit ratio was 80% connected September 30, providing ample equilibrium expanse flexibility and capableness to money aboriginal growth. Core interest gross of $90.1 cardinal was up 5% linked 4th and 23% year-over-year. Wealth absorption interest gross declined 3% linked quarter, but accrued 12% implicit the 3rd 4th of ‘23. The 3rd 4th was driven by beardown results successful organization services offset by seasonally little fees successful backstage wealthiness and the Bryn Mawr Trust Company of Delaware.

Notably, this 4th besides marks a palmy completion of our spot accounting strategy conversion, arsenic good arsenic the rollout of upgraded lawsuit relationship portal successful accordance with our Bryn Mawr Trust integration plan, which positions america good for aboriginal growth. Cash Connect accrued 3% linked 4th and 50% implicit the 3rd 4th of ‘23, driven by accrued bailment revenues arsenic we captured marketplace stock implicit the past year. This, combined with the continued optimization of its units and backing mix, drove an ROA of 1.29% successful the 3rd quarter. Core Banking accrued 25% implicit the anterior quarter, chiefly owed to an yearly earn-out outgo from the antecedently announced merchantability of Spring EQ and an summation successful bank-owned beingness security revenue.