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: For more comprehensive details, please refer to the IR website. The article is only for investors' reference without any guidance or recommendation suggestions.