Welcome to our dedicated page for WSFS Financial news (Ticker: WSFS), a resource for investors and traders seeking the latest updates and insights on WSFS Financial stock.
WSFS Financial Corp is a savings and loan holding company with a rich history dating back to 1832. Headquartered in Wilmington, Delaware, WSFS Financial Corp operates through three primary segments: WSFS Bank, Cash Connect, and Wealth Management.
WSFS Bank is the core segment, providing a comprehensive range of banking services including loans, leases, and other financial products tailored for both commercial and consumer customers. With 43 branches spread across Delaware and Southeastern Pennsylvania, WSFS Bank stands as a community-oriented institution focused on innovation and customer satisfaction.
Cash Connect, another vital segment, offers ATM vault cash, smart safe, and other cash logistics services. It plays a significant role in supporting the cash management needs of businesses and financial institutions, ensuring secure and efficient cash handling.
The Wealth Management division provides an extensive array of services that include planning, advisory services, investment management, and personal and institutional trust services. This segment caters to individuals, corporations, and institutional clients, helping them achieve their financial goals with a range of credit and deposit products.
Known for its commitment to service, WSFS Financial Corp's mission is encapsulated in its motto, “We Stand for Service®”. This mission has been a guiding principle since the company's inception. WSFS is also recognized as one of the top workplaces, reflecting its positive work environment and strong community ties.
In terms of financial performance, WSFS Financial Corp primarily generates revenue from its banking segment. The company is dedicated to evolving its services to meet the changing needs of its customers through the adoption of innovative technologies.
WSFS Financial (Nasdaq: WSFS), the parent company of WSFS Bank, has announced its participation in the 2024 Stephens Bank Forum scheduled for September 17-18, 2024, in Little Rock, Arkansas. Key executives, including Rodger Levenson (Chairman, President and CEO), David Burg (EVP, CFO), and Arthur Bacci (EVP, COO), will engage in discussions with investors during the event. The company will utilize its current Investor Presentation, which is accessible on the Investor Relations section of WSFS' website, to communicate with attendees.
WSFS Bank, a subsidiary of WSFS Financial (Nasdaq: WSFS), has appointed Randy Royther as Senior Vice President, Director of Interest Rate Hedging. Reporting to Neil Orechiwsky, SVP and Managing Director of Capital Markets, Royther will lead the Interest Rate Derivatives team and drive business development efforts. His role involves expanding risk mitigation structuring capabilities and working with relationship bankers and customers.
Royther brings decades of experience in capital markets, having previously built and led teams at regional banks in the southeastern U.S., including South State Bank. He has also led fixed income portfolio management teams at major institutions. Royther holds a master's degree from Northwestern University and a bachelor's degree from the University of Colorado.
WSFS Financial (NASDAQ: WSFS) has received an affirmed A- senior unsecured debt rating with a stable outlook from Kroll Bond Rating Agency (KBRA). This marks the ninth consecutive year of WSFS receiving a strong Investment Grade debt rating. The rating reflects the company's strong earnings, ample liquidity and capital, and diversified fee revenue.
KBRA highlighted WSFS' significant and stable fee revenue base, particularly from its premier wealth and trust divisions, as a key differentiator. The agency also noted considerable growth for Cash Connect, WSFS Bank's cash logistics and payments division. WSFS' favorable core funding profile and strong market position, with the largest deposit market share among locally headquartered banks, further support the ratings.
WSFS Bank, a subsidiary of WSFS Financial (Nasdaq: WSFS), has expanded its Capital Markets team with the addition of Michael Burnap and Christian Gil as Senior Vice Presidents and Directors of Trade Finance. This move aims to enhance the bank's international services and trade finance capabilities. Burnap, with over 30 years of experience, will lead operations for Trade Finance services, while Gil will focus on revenue and sales. Both will report to Neil Orechiwsky, SVP and Managing Director of Capital Markets.
The expansion demonstrates WSFS Bank's commitment to becoming a premier provider of international services, particularly for small and midsized businesses. The new hires bring extensive expertise in trade finance, structured trade, and commodity finance, strengthening WSFS Bank's position in facilitating international commerce and providing essential resources to businesses seeking global growth opportunities.
WSFS Bank, a subsidiary of WSFS Financial (Nasdaq: WSFS), has announced the appointment of John Heiser as Senior Vice President and Senior Private Banking Relationship Manager. Heiser, who brings over 20 years of experience in wealth management, will manage Private Wealth Management relationships for high-net-worth clients, focusing on credit, deposit, and wealth management services.
Prior to joining WSFS, Heiser spent 12 years with Wilmington Trust, including nine years as a Senior Private Banker. He holds a master's degree in education from Cabrini College and a bachelor's degree in English from Temple University. This strategic hire reflects WSFS's commitment to strengthening its Wealth Management business in its target markets.
WSFS Financial (Nasdaq: WSFS) reported its second-quarter 2024 financial results with a Return on Average Assets (ROA) of 1.34% and Earnings Per Share (EPS) of $1.16. Net interest income was $174.4 million, slightly down from $175.3 million in Q1 2024. Fee revenue was $91.6 million, reflecting a strong increase from $75.9 million in Q1 2024. Total net revenue reached $266.0 million, driven by solid loan and deposit growth. Net income attributable to WSFS was $69.3 million.
Key highlights include a net interest margin of 3.85%, annualized loan growth of 6%, and a 3% annualized increase in deposits. WSFS also repurchased 897,461 shares at an average price of $44.20 per share. The efficiency ratio stood at 58.5%, and the Board approved a quarterly dividend of $0.15 per share.
Asset quality remained stable; however, problem assets rose to 27.00% of total Tier 1 capital plus ACL. WSFS maintained strong capital levels, with a tangible common equity ratio of 7.56% and a common equity to assets ratio of 12.00%. Core fee revenue and noninterest expense saw notable increases, driven by investments in diversified revenue streams and talent additions.
WSFS Bank, a subsidiary of WSFS Financial (Nasdaq: WSFS), has appointed Stacey Ioia as Senior Vice President, Director of Enterprise Fraud Risk Management. Reporting to Michael Dzielak, SVP and Director of Financial Crimes, Ioia will lead the Enterprise Fraud Risk Management Program and supervise Associates in preventing, detecting, and mitigating financial criminal activity.
Ioia brings extensive experience in financial crimes, having previously served as SVP, BSA/AML/OFAC Officer at Washington Federal Bank. She holds CAMS and CECI certifications and is pursuing CRCM and CERP qualifications. Ioia's educational background includes a Master's in Public Affairs and Administration and Bachelor's degrees in Criminal Justice and Liberal Arts.
The WSFS CARES Foundation, the charitable arm of WSFS Bank (Nasdaq: WSFS), has announced $200,000 in second quarter grants to support two community organizations. Be Ready Community Development Corp. will receive a $200,000 grant over two years to support the Solomon's Court Project, creating 18 affordable rental units and commercial space in Wilmington's West Side. TeenSHARP will receive a $300,000 grant over three years to support their A-List program, which aids high school students in college preparation and career development.
These grants demonstrate WSFS CARES Foundation's commitment to improving local communities through education, leadership development, and affordable housing initiatives. The foundation's continued support has helped these organizations grow significantly, with TeenSHARP expanding from 10 to about 400 students today.
WSFS Financial (Nasdaq: WSFS) will release its second quarter 2024 earnings after market close on Thursday, July 25, 2024. The company's management will host a conference call to discuss the earnings at 1:00 p.m. Eastern Time on Friday, July 26, 2024. Interested participants can pre-register or access the live conference call at investors.wsfsbank.com. The earnings release and supplemental materials will be available on the company's website before the event begins. A replay of the conference call will be available shortly after the live event.
On June 12, 2024, nearly 1,500 WSFS Associates volunteered at over 130 community organizations for the second annual We Stand for Service Day. The volunteers contributed over 5,000 hours, making a significant impact across Delaware, Pennsylvania, and New Jersey. Initiatives included food redistribution with Sharing Excess and support services at HomeFront. Senior Vice President Vernita Dorsey emphasized WSFS’ commitment to community service beyond banking. The event highlighted the importance of corporate volunteerism in addressing issues like food insecurity and resource distribution.
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