WSFS Financial Corp - WSFS STOCK NEWS

The WSFS CARES Foundation, affiliated with WSFS Bank (Nasdaq: WSFS), reported over $2.4 million in grants and donations to community organizations in Delaware, New Jersey, and Pennsylvania in 2022. The foundation's initiatives included more than 17,000 volunteer hours from Associates, focusing on financial literacy and community service. Key beneficiaries included the Brighter Horizon Foundation, which expanded college readiness services, and the Food Bank of South Jersey, which distributed over 18 million pounds of food to those in need. The foundation emphasizes community investment, education, and economic empowerment.

WSFS Financial Corporation (Nasdaq: WSFS) reported strong financial results for the fourth quarter of 2022. Key metrics include net interest income of $193.9 million, up 79% from Q4 2021, and a total net revenue of $258.8 million. Net income was $84.4 million, leading to a diluted EPS of $1.37. The bank experienced a 6% annualized loan growth and an improved net interest margin of 4.49%. However, total customer deposits decreased by $621 million, reflecting a 15% annualized drop. Credit metrics remain favorable despite an increase in net charge-offs. The board has declared a quarterly dividend of $0.15 per share.

WSFS Financial Corporation (Nasdaq: WSFS) announced the appointment of Andrea Lawrence as Senior Vice President, Senior Wealth Advisor at Bryn Mawr Trust in Berwyn, PA. With over 30 years of expertise in wealth advisory services, she will collaborate across divisions to meet client goals. Previously, Lawrence founded Tapestry Advisors, LLC, offering philanthropy consulting, and has held roles at various firms, including Ballamor Capital Management. Lawrence holds a bachelor’s in accounting, a J.D., and an LL.M. in tax from Villanova Law School. As of September 30, 2022, WSFS had $20 billion in assets.

WSFS Financial Corporation (WSFS) will release its fourth quarter and full-year earnings on January 26, 2023. A conference call is scheduled for January 27, 2023, at 1:00 p.m. ET to discuss the results. Interested parties can register for the call or access it live through the company’s Investor Relations website. WSFS Financial is a multibillion-dollar company with $20.0 billion in assets and $61.4 billion in assets under management as of September 30, 2022, operating 119 offices across several states.

WSFS Financial Corporation has successfully completed the merger of Cypress Capital Management and West Capital Management, now collectively known as Bryn Mawr Capital Management, LLC, as of January 1, 2023. This merger enhances WSFS's capabilities in financial planning and investment advisory services, enabling tailored long-term solutions for clients. The merger aligns with WSFS's strategy to centralize branding under Bryn Mawr Trust, promoting a cohesive wealth management division. As of September 30, 2022, WSFS reported $20.0 billion in assets and $61.4 billion in assets under management.

WSFS Financial Corporation (NASDAQ: WSFS) announced the planned call of $30 million in subordinated notes due 2025 on February 15, 2023. The repayment will utilize operating cash flows, reflecting the company's strong capital and liquidity levels.

CFO Dominic C. Canuso emphasized that this move aligns with their balance sheet strategy following the successful integration with Bryn Mawr Trust. As of September 30, 2022, WSFS reported $20 billion in assets and $61.4 billion in assets under management, with a significant presence in the Greater Philadelphia region.

The WSFS CARES Foundation, part of WSFS Bank, announced $100,000 in grants to two nonprofit organizations in Delaware and New Jersey. The grants include $50,000 to the Food Bank of Delaware for building expansion in Milford and $50,000 to Virtua Health Foundation for a new Mobile Health and Cancer Screening Unit. These initiatives align with WSFS’s commitment to community support and health services. The new facility by the Food Bank aims to enhance food distribution, while Virtua Health's unit will offer critical health screenings, enhancing access to care.

WSFS Bank has been recognized as the top SBA lender in the Greater Philadelphia and Delaware region, based on 2022 fiscal year data. The bank provided $65.81 million in local 7(a) loans to 77 small businesses, demonstrating its commitment to aiding local entrepreneurs. The loans, which can reach up to $5 million with flexible repayment terms, are crucial for supporting small business growth. As of September 30, 2022, WSFS Financial Corporation holds $20 billion in assets and operates from 119 offices across multiple states, emphasizing its significant role in the financial landscape.

WSFS Bank's Small Business Trends study reveals that 83% of Mid-Atlantic small business owners are optimistic about revenue stability or growth over the next year. Despite economic concerns, 76% believe their businesses will endure, yet 61% report pandemic-related negative impacts. Inflation and rising operational costs are major challenges for 52% and 54% of surveyed businesses, respectively. Many are considering loans for equipment or to cover operational losses, emphasizing the importance of strong banking relationships. The survey included 500 businesses across the region.