WSFS Financial : 1Q 2025 Earnings Release Supplement
WSFS
WSFS Financial Corporation
1Q 2025 Earnings Release Supplement April 2025
1
Financial Highlights
Reported
Core1
$ in millions
1Q25
4Q24
1Q24
1Q25
4Q24
1Q24
(except per share
amounts)
EPS
$1.12
$1.09
$1.09
$1.13
$1.11
$1.11
ROA
1.29%
1.21%
1.28%
1.29%
1.24%
1.31%
Net Income2
$65.9
$64.2
$65.8
$66.1
$65.8
$67.3
PPNR1
$104.3
$92.4
$102.1
$104.6
$94.4
$104.1
ROTCE1
16.91%
16.17%
18.76%
16.97%
16.55%
19.19%
NIM3
3.88%
3.80%
3.84%
3.88%
3.80%
3.84%
Fee Revenue %3
31.5%
31.8%
30.2%
31.5%
31.8%
30.3%
Efficiency Ratio
59.2%
64.6%
59.3%
59.0%
63.8%
58.6%
ACL Ratio4
1.43%
1.48%
1.48%
1.43%
1.48%
1.48%
CET15
14.10%
13.81%
13.29%
14.10%
13.81%
13.29%
1
These are non-GAAP financial measures and should be considered along with results prepared in accordance with
3 Tax-equivalent
3
GAAP, and not as a substitute for GAAP results. See Appendix for reconciliation to GAAP financial information.
4
Reflects ACL on loans and leases over the amortized cost of the total portfolio
2
Excludes net income that is attributable to noncontrolling interest
5
Capital ratios reflect corporate-level metrics
Net Interest Margin Trends
3.88% NIM reflects deposit repricing actions, partially offset by lower loan yields
Average Deposit Cost and Loan Yield
3.5%
8.0%
7.03%
7.01%
6.95%
3.0%
6.72%
6.60%
6.8%
1Q25 NIM up 8bps QoQ to 3.88%
(%)
2.5%
5.6%
(%)
Net Interest Margin
Down-cycle Deposit Betas3,4
Deposit Cost
2.09%
2.15%
Yield
1.99%
4.05%
3.84%
3.88%
60%
Client
2.0%
1.92%
4.4%
Loan
1.77%
1.89%
1.95%
1.83%
1.79%
1.71%
1.5%
3.2%
1.0%
2.0%
1Q24
2Q24
3Q24
4Q24
1Q25
Client Deposit Cost1
Total Funding Cost
Total Loans Ex PAA Yield2
3.85%3.80%
3.65%
3.45%
3.25%
1Q24 4Q24 1Q25
45%
38%
30%
26%
22%
27%
15%
0%
4Q24
1Q25
Interest-Only
Total
1
Includes noninterest and interest-bearing; interest-bearing deposits include demand, money market, savings, and time deposits
4
2
Average total loans yield excludes PAA
3
Deposit betas are based on cumulative client deposit costs for the down-cycle rate (September 2024 start); assumes Fed Funds of 4.50%
4
Betas are the average of the last month in a respective quarter
Loan Portfolio Highlights
Commercial loans flat due to economic uncertainty and muted originations
Commercial Portfolio: New Net Loan Fundings ($mm)1
EOP Loans - QoQ and YoY
$600
Mar
Dec
Mar
QoQ
Annualized
YoY
%
$400
$326
$364
$353
$330
($ in millions)
2025
2024
2024
$ Growth
% Growth
$ Growth
Growth
$200
$230
C & I Loans2
$4,651
$4,652
$4,489
($1)
(0%)
$162
4%
Commercial Mortgages (CRE)
3,982
4,031
3,877
(49)
(5%)
105
3%
-
Construction Loans
869
832
1,056
37
18%
(187)
(18%)
Commercial Leases
636
648
634
(12)
(8%)
2
0%
($200)
($241)
($254)
Total Commercial Loans
$10,138
$10,163
$10,056
($25)
(1%)
$82
1%
($400)
($285)
($278)
Residential Mortgage (HFS/HFI)
992
992
888
0
0%
104
12%
($441)
Consumer Loans
2,033
2,086
2,066
(53)
(10%)
(33)
(2%)
($600)
Total Gross Loans
$13,163
$13,241
$13,010
($78)
(2%)
$153
1%
1Q24
2Q24
3Q24
4Q24
1Q25
New Loans Fundings
Paydown/Payoffs
5
Deposit Highlights
Continued strong noninterest deposit balances (~30% of total) while driving repricing actions
EOP Deposits by Product - QoQ and YoY
Mar
Dec
Mar
QoQ
Annualized
YoY
%
($ in millions)
2025
2024
2024
$ Growth
% Growth
$ Growth
Growth
Noninterest Demand
$4,947
$4,988
$4,653
($41)
(3%)
$294
6%
Interest-bearing Demand
2,882
2,973
2,856
(91)
(12%)
26
1%
Savings
1,463
1,466
1,577
(3)
(1%)
(114)
(7%)
Money Market
5,487
5,472
5,206
15
1%
281
5%
Total Core Deposits
$14,779
$14,899
$14,292
($120)
(3%)
$487
3%
Time Deposits
2,100
2,131
1,895
(31)
(6%)
205
11%
Total Client Deposits
$16,879
$17,030
$16,187
($151)
(4%)
$692
4%
100%
80%
60%
40%
20%
0%
Average Total Client Deposit Mix
30%
30%
30%
31%
30%
17%
17%
17%
17%
17%
42%
41%
40%
40%
41%
11%
12%
13%
12%
12%
1Q24
2Q24
3Q24
4Q24
1Q25
Noninterest
Interest-bearing
Savings/MM
Time
Average Client Deposits By Business Line
Commercial
25%
Small Business
11%
Trust
8%
Wealth
Consumer
6%
Other
49%
1%
6
Core Fee Revenue1
31.5% Core Fee Revenue ratio1 driven by Wealth and Trust
Core Fee Revenue ($mm)
$90
$80
$70
$60
$50
$40
$30
$20
$10
$-
Core fee revenue down 3% QoQ and up 6% YoY
$83$81
$76
$33
$40
$40
$26
$25
$24
$17
$18
$17
Wealth and Trust (+19% YoY)
1Q24
4Q24
1Q25
Banking2
Cash Connect®
Wealth and Trust
7
Capital
All capital ratios remain above "well-capitalized"; tangible book value impacted by AOCI
1Q25 Capital Ratios including Effective AOCI Impact1,2
TBV and AOCI per Share
16%
12%
15.89%
14.10%
3.22%
3.34%
11.17%
10.53%
0.70%
1.90%
$40
$30
$20
$29.25
8%
4%
0%
10.76%
10.47%
12.67%
8.63%
$10 $0
($10)
($20)
($9.52)
CET1
Leverage
TRBC
TCE3
Effective AOCI
Well-capitalized
Reported
1Q21 3Q21 1Q22 3Q22 1Q23 3Q23 1Q24 3Q24 1Q25
AOCI/share TBV/share2
8
Capital Return Framework
Increased quarterly dividend and accelerated share repurchases in 1Q25
CET1 Trend1
14%
13.17%
13.81%
14.10%
12.22%
12%
Medium-Term
Operating Level
10%
8%
6%
4%
2%
0%
2022
2023
2024
1Q25
Millions
$150.0
$125.0
$100.0
$75.0
$50.0
$25.0
$0.0
Total Capital Returned to Shareholders
$131.2
$88.5
$95.4
$51.8
$62.6
$53.8
$36.7
$35.8
$8.8
2023
2024
1Q25
Dividend
Repurchases
1 Capital ratios reflect corporate-level metrics
9
Investment Portfolio
High-quality investment portfolio providing consistent cash flows and borrowing capacity
Investments
Investment Portfolio1
$4.55bn
% of Total Assets
22%
Portfolio Duration2
6.1yrs
Portfolio Yield2
2.37%
Agency MBS/Notes %
>95%
Reported AOCI
($549.5mm)
Effective AOCI3,4
($648.6mm)
AFS
HTM
$3.55bn$1.00bn
Agency MBS
Agency CMOs
Agency MBS Munis
GNMA MBS/CMOs
Agency Debent.
Reported AOCI Trend
$750
Millions$600
$450
$300
$637
$643
$500
$625
$549
$150
$0
1Q24
2Q24
3Q24
4Q24
1Q25
10
Disclaimer
WSFS Financial Corporation published this content on April 24, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 24, 2025 at 20:39 UTC.