Welcome to our dedicated page for Wsfs Finl news (Ticker: WSFS), a resource for investors and traders seeking the latest updates and insights on Wsfs Finl stock.
WSFS Financial Corporation (WSFS) maintains this dedicated news hub for investors and stakeholders tracking its community banking, cash logistics, and wealth management developments. Access official press releases and curated updates covering strategic initiatives across all business segments.
This resource provides essential information about WSFS Bank's regional operations, Cash Connect's cash management innovations, and Wealth Management's advisory services. Find timely updates on financial results, leadership changes, and community partnership announcements.
Key content includes earnings reports, merger activity, technology implementations, and regulatory filings. Our editorial team verifies all information directly from WSFS sources to ensure accuracy and compliance with financial disclosure standards.
Bookmark this page for streamlined access to WSFS's latest developments. For comprehensive understanding of the company's 190-year legacy in financial services, combine these updates with our detailed WSFS Financial Corp profile.
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.
Moody’s Investors Service reaffirmed WSFS Financial 's issuer rating at Baa2 with a Stable Outlook. The rating highlights WSFS's strong capital, liquidity, credit quality, and diversified business model. Long-term and short-term deposits are rated A2/Prime-1, while the Baseline Credit Assessment stands at Baa1. Additionally, the Counterparty Risk Assessment is A3(cr)/Prime-2(cr) and Counterparty Risk Ratings (local and foreign currency) are Baa1/Prime-2. According to WSFS EVP and Interim CFO Arthur Bacci, these ratings reflect the company's disciplined loan concentration limits, sound underwriting, and robust financial metrics.
WSFS Financial (Nasdaq: WSFS) announced the appointment of Jasmine Yu as Senior Vice President and Chief Investment Officer of Bryn Mawr Capital Management. Yu will lead the Investment Strategy and Solutions team, driving innovation and providing thought leadership. She brings over two decades of experience from notable institutions such as Bank of New York Mellon, Bank of America Merrill Lynch, and Abu Dhabi Investment Council. Yu holds a PhD in Finance and various advanced degrees, emphasizing her expertise in asset allocation and portfolio risk management. This move aims to enhance WSFS's offerings in alternative investments and private markets.
WSFS Financial (Nasdaq: WSFS) has announced significant changes to its executive leadership team to support its next growth phase. David Burg will join as Executive Vice President and Chief Financial Officer on August 15, 2024. Burg brings extensive experience from Citigroup, where he held several senior roles, including Head of Strategy and Execution for Legacy Franchises and CFO for the Latin America region. Concurrently, Arthur J. Bacci will be promoted to Executive Vice President and Chief Operating Officer, overseeing diverse business lines and functions. Jamie P. Hopkins, with WSFS since October 2023, will take over Bacci's previous role as Executive Vice President and Chief Wealth Officer, leading the Wealth Management segment.
FAQ
What is the current stock price of Wsfs Finl (WSFS)?
What is the market cap of Wsfs Finl (WSFS)?
