WSFS reports Q1 GAAP net income of $3.8M ($0.06 EPS); includes $51.6M merger costs from Bryn Mawr Trust close

WSFS FINANCIAL CORP

2022-Q1 EPS reported $0.06 revenue$204,711,000

Net interest income $138.6M, up 28% QoQ from $108.2M; total net revenue $199.1M.
Provision for credit losses of $19.0M vs. recovery of $8.1M in Q4 2021.
Noninterest expense $174.5M, including $51.6M corporate development & restructuring costs.
Pre-provision net revenue (PPNR) of $24.7M; GAAP ROA 0.07% and ROE 0.6%.
Successful close and integration of Bryn Mawr Trust on Jan 1, 2022; diversified deposit and loan mix.

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