WSFS 4Q 2024 EPS rises to $1.09 as total revenue falls on Cash Connect client loss
WSFS Financial reported fourth-quarter 2024 diluted EPS of $1.09, up from $1.05 a year earlier and $1.08 in the third quarter, with net income of $64.2 million. Total net revenue fell to $261.5 million from $267.7 million in the prior quarter and $265.3 million a year earlier, while noninterest expense rose to $169.1 million, partly due to a $4.7 million one-time charge tied to the termination of a Cash Connect client relationship.
- 4Q 2024 diluted EPS was $1.09, compared with $1.08 in 3Q 2024 and $1.05 in 4Q 2023; full-year 2024 EPS was $4.41 versus $4.40 in 2023.
- Total net revenue was $261.5 million, down from $267.7 million in 3Q 2024 and $265.3 million in 4Q 2023.
- Cash Connect posted a $3.4 million pre-tax loss in 4Q 2024 after one-time charges of $4.7 million tied to ending a long-standing client relationship; WSFS is pursuing recovery through insurance and other avenues.
- Customer deposits rose 4% to $17.0 billion from 3Q 2024, and the company repurchased $20.9 million of common stock in the quarter.