WSFS Financial Corporation announced its third quarter 2024 financial results, reporting diluted earnings per share (EPS) of $1.08 and a return on average assets (ROA) of 1.22%. Net interest income for the quarter was $177.5 million, while fee revenue reached $90.2 million. Total net revenue stood at $267.7 million, reflecting continued growth in loan and deposit portfolios.
The company achieved annualized loan growth of 5% and deposit growth of 3% during the quarter, driven by commercial, consumer, and residential mortgage portfolios, alongside seasonal municipal deposit inflows. WSFS also completed the conversions of its trust accounting system and client portal within its Wealth Management business, a key part of the Bryn Mawr Trust integration plan. This positions the segment for future growth.
However, asset quality metrics showed some negative migration, with nonperforming assets increasing by $25.9 million, or 12 basis points of total assets, primarily due to an office-related C&I loan and a suburban hotel loan. Total net credit costs rose to $20.1 million, and net charge-offs increased to $19.2 million, or 0.58% annualized of average gross loans. Delinquencies also increased by $58.6 million, or 43 basis points, driven by the hotel loan and a $42.1 million commercial real estate relationship.
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