WSFS Financial Corp - WSFS STOCK NEWS

WSFS Financial Corporation (Nasdaq: WSFS) will participate virtually in the 2021 Stephens Annual Bank Forum on September 22, 2021. The discussion will be hosted by Chairman and CEO Rodger Levenson and CFO Dominic C. Canuso. Presentation materials, including the current Investor Presentation, will be available on WSFS' website.

As of June 30, 2021, WSFS had $15.1 billion in assets and $26.7 billion in assets under management. The company operates 112 offices across several states, providing a range of financial services since 1832.

WSFS Bank has appointed John Ventura as Senior Vice President and Senior Private Banking Relationship Manager in its Wealth Private Banking division. Ventura brings over 15 years of experience from PNC Wealth Management, focusing on enhancing client relationships and providing financial strategies. His expertise includes private banking, financial planning, and asset management. As of June 30, 2021, WSFS Financial Corporation reported $15.1 billion in assets and $26.7 billion in assets under management. This appointment aims to bolster the bank's comprehensive financial service offerings.

WSFS Financial Corporation has received reaffirmed credit ratings from Kroll Bond Rating Agency (KBRA), maintaining its senior unsecured debt rating at A- and subordinated debt rating at BBB+. Notably, WSFS Bank also received strong ratings, reflecting its stable fee base and diversified business segments, particularly in wealth management. The company’s expansion through strategic mergers and acquisitions has enhanced its operational scale. As of June 30, 2021, WSFS reported $15.1 billion in assets, supporting its market position, which is set to strengthen following the closure of the Bryn Mawr Trust Corporation transaction.

WSFS Financial Corporation has received approval from the Office of the Comptroller of the Currency (OCC) for its merger with Bryn Mawr Bank Corporation. The transaction is expected to close in Q4 2021, pending regulatory approvals and other conditions. A system conversion and rebranding are scheduled for January 2022. Chairman and CEO Rodger Levenson expressed optimism about the merger, highlighting efforts from both companies to ensure a smooth integration for associates and customers.

WSFS Financial Corporation reported its 2Q 2021 results, revealing a decline in net interest income to $106.7 million from $113.8 million year-over-year. Total net revenue decreased to $155.8 million compared to $178.1 million in 2Q 2020. Significant gains were noted with a net income of $95.7 million, up from a loss of $7.1 million in the same period last year. The company also approved a quarterly cash dividend of $0.13 per share. WSFS showed improved credit metrics, with a $72.4 million decrease in the allowance for credit losses and strong growth in fee revenue, totaling $49 million.

According to a recent study by Cash Connect, a division of WSFS Bank, 81% of financial decision makers report cash payments have remained steady over the past five years.

Despite the rise of digital payment methods, 40% of consumers prefer cash, while 78% of businesses still accept it. Notably, 39% of businesses have a cash-only policy for purchases under $20. The study highlights a demand for cash management solutions, with 77% of decision makers considering smart safes for improved security and efficiency. Additionally, 51% of Americans believe cash helps with budgeting, particularly among Gen-Z consumers.

WSFS Financial Corporation (Nasdaq: WSFS) will release its second quarter earnings on July 22, 2021. A conference call to discuss these results is scheduled for July 23, 2021, at 1:00 p.m. EDT, accessible via phone at 1-877-312-5857, using conference ID # 9377417. A rebroadcast will be available from 4:00 p.m. on July 23 until August 3, 2021.

As of March 31, 2021, WSFS Financial Corporation reported $14.7 billion in total assets. The company operates 111 offices across Pennsylvania, Delaware, New Jersey, Virginia, and Nevada.

WSFS Financial Corporation (NASDAQ: WSFS) announced the repayment of $100 million in senior debt with a 4.50% coupon rate, callable quarterly since June 15, 2021. The debt repayment was funded by proceeds from previously issued notes at a lower coupon rate of 2.75%. This strategic move is expected to enhance WSFS's balance sheet and reduce interest expenses, showcasing the company’s strong liquidity and financial stability. However, an additional interest expense of $1.1 million will be recognized in Q2 2021 due to unamortized debt issuance costs.