The following is a summary of the WSFS Financial Corporation (WSFS) Q1 2024 Earnings Call Transcript:

Financial Performance:

• WSFS Financial Corporation reported Q1 2024 core earnings per share of $1.11.

• The company's yielded a core return on tangible common equity of 19.2% and a core return on assets of 1.31%.

• The gross loan growth showed an increase of 2% linked quarter or 7% annualized, scattered across commercial mortgage, consumer, and C&I sectors.

• There was a 3% linked quarter increase in customer deposits after certain exclusions.

• For the quarter, the core net interest margin remained at 3.84%, with the average cost of funds rising by 17 basis points.

Business Progress:

• Due to the exit of a key industry player, the company expanded its network by 4,336 serviced non-bank ATMs. It is expected to have additional growth opportunities in the following quarter.

• The completion of Spring EQ acquisition by the end of 2023 has started to contribute to the quarter's revenues.

• The delinquencies and problem loans remained constant at 4.41% and 81 basis points of gross loans respectively, suggesting stability in asset quality.

• Net charge-offs decreased to 27 basis points of average gross loans while the company's strategic shift resulted in the decline of the Upstart portfolio.

• WSFS remains focused on organic growth over traditional bank M&A. Based on its performance, it is expected to deliver a top-quintile financial performance in 2024.

More details: WSFS Financial IR

Tips: This article is generated by AI. The accuracy of the content can not be fully guaranteed. For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.