Strong Core EPS and Return Metrics
WSFS delivered a core EPS of $1.40, core return on assets of 1.48%, and core return on tangible common equity of 18.7%, all up from the second quarter.
Year-Over-Year Growth
Core net income increased by 21%, core PPNR grew by 6%, and core earnings per share increased by 30% year-over-year.
Tangible Book Value Increase
Tangible book value per share increased by 12% year-over-year.
Improved Asset Quality
Total net credit costs decreased by $5.9 million from the prior quarter, and NPAs declined by over 30% to 35 basis points.
Capital Return and Strong Capital Position
WSFS returned $56.3 million of capital, including $46.8 million in buybacks, with a CET1 capital ratio of 14.39%, exceeding their medium-term target.
Growth in Wealth and Trust Business
The Wealth and Trust business grew by 13% year-over-year, with significant growth in institutional services (30%) and Bryn Mawr Trust of Delaware (20%).