- WSFS Financial Corporation (WSFS, Financial) reports 1Q 2025 EPS of $1.12, exceeding previous quarter.
- Return on Average Assets remains stable at 1.29%.
- Board approves 13% dividend increase and 10% additional share repurchase.
WSFS Financial Corporation, the parent company of WSFS Bank, reported a diluted earnings per share (EPS) of $1.12 for the first quarter of 2025. The Return on Average Assets (ROA) was consistent at 1.29%, showcasing stable performance amidst uncertain economic conditions. Additionally, the net interest margin (NIM) was recorded at 3.88%, reflecting a strategic repricing of deposits. The company also saw an increase in core fee revenue, particularly in its Wealth and Trust segments, contributing to a 6% growth from the first quarter of 2024.
Key financial results revealed that net interest income for the quarter stood at $175.2 million, while fee revenue rose to $80.9 million, marking a year-over-year increase of 6%. The provision for credit losses was noted at $17.4 million, indicating an increase from the previous quarter. Noninterest expenses were managed at $151.8 million, down from the previous quarter due to lower Cash Connect® costs and reduced professional fees.
WSFS's board of directors approved a 13% increase in the quarterly dividend to $0.17 per share, signaling a robust return on capital to shareholders. Moreover, an additional authorization for repurchasing 10% of outstanding shares was granted, aiming to optimize capital allocation and shareholder value.
During the first quarter of 2025, WSFS repurchased over one million shares at an average price of $52.37, equating to an aggregate of $53.8 million. The total capital returned to shareholders, including dividends, amounted to $62.6 million.
The bank has maintained strong capital ratios, with a Common Equity Tier 1 capital ratio of 14.10%, and a Tier 1 leverage ratio of 11.17%. This solidification of capital reserves underscores WSFS's capacity to sustain future loan growth and navigate economic fluctuations effectively.
The company will hold a conference call on April 25, 2025, at 1:00 p.m. ET to discuss the financial results further, accessible via the WSFS Investor Relations website.
