WSFS Financial Corporation reported its financial results for the third quarter and nine months ended September 30, 2024, highlighting a mixed performance compared to the previous fiscal period. Total revenue for Q3 2024 reached $410.4 million, an increase from $366.4 million in Q3 2023. This growth was driven by a rise in noninterest income, which increased by $17.5 million to $90.2 million, primarily due to contributions from the Cash Connect® and Wealth Management segments, as well as a partnership with Spring EQ.
However, net interest income for Q3 2024 decreased to $177.5 million from $182.6 million in Q3 2023, attributed to a shift in deposit mix and growth in higher-priced deposit products. The net interest margin also fell to 3.78%, down from 4.08% in the prior year. For the nine months ended September 30, 2024, net interest income totaled $527.2 million, a decline from $547.0 million in the same period in 2023.
Net income for Q3 2024 was $64.4 million, down from $74.3 million in Q3 2023, while net income for the nine months decreased to $199.3 million from $205.5 million in the previous year. The decline in profitability was influenced by increased noninterest expenses, which rose to $163.7 million in Q3 2024, primarily due to higher salaries and benefits and funding costs associated with Cash Connect®.
The company’s total assets increased by $310.5 million to $20.9 billion as of September 30, 2024, with total loans and leases rising to $13.3 billion, reflecting a $541.5 million increase since December 31, 2023. Notably, commercial mortgages and owner-occupied commercial loans saw significant growth. However, the allowance for credit losses increased to $197.5 million, reflecting higher provisions on commercial mortgages.
WSFS also reported a significant increase in nonperforming assets, which rose to $91.3 million from $75.8 million at the end of 2023, indicating challenges in asset quality. The company’s stockholders’ equity improved to $2.68 billion, up from $2.48 billion at year-end 2023, driven by retained earnings and a decrease in accumulated other comprehensive loss.
In terms of strategic developments, WSFS repurchased 266,672 shares of common stock for approximately $13.8 million and declared a quarterly cash dividend of $0.15 per share. The company continues to maintain a strong capital position, with total common equity Tier 1 capital at 13.46% as of September 30, 2024.
About WSFS FINANCIAL CORP
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