WSFS Financial Corp - WSFS STOCK NEWS

WSFS Financial Corporation (Nasdaq: WSFS) will engage with investors and analysts at two upcoming events: Piper Sandler’s East Coast Financial Services Conference on November 9, 2022, in Palm Beach, Florida, and the Mid-Atlantic Bank Summit on November 15, 2022, in Philadelphia, Pennsylvania. Key executives, including Rodger Levenson and Dominic C. Canuso, will participate in these meetings. Current Investor Presentation materials are accessible on WSFS’ website. As of September 30, 2022, WSFS had $20 billion in assets and $61.4 billion in assets under management.

WSFS Financial Corporation has appointed Michael A.H. Griffe as Senior Vice President and Controller, effective immediately. Griffe, a CPA with extensive experience, will manage corporate and operational accounting duties, SEC reporting, and internal controls to enhance efficiency. Since joining WSFS in 2016, Griffe has contributed significantly, including leading financial integration during the recent merger with Bryn Mawr Trust. As of September 30, 2022, WSFS reported $20 billion in assets. Griffe holds a finance degree from Penn State and an Executive MBA from Drexel University.

WSFS Financial Corporation reported strong financial results for Q3 2022, with a net income of $73.4 million, up from $60.7 million in Q2 2022 and $54.4 million in Q3 2021. Net interest income rose to $176.8 million, a 15% increase from Q2 2022. The company achieved a core return on average assets of 1.52% and core earnings per share of $1.23. Total customer deposits decreased by 3% from Q2 2022, largely due to a decline in transactional trust deposits. Additionally, WSFS announced a quarterly dividend of $0.15 per share and continued share repurchases totaling $81 million.

WSFS Bank has launched its 19th annual Fall Food Drive to tackle food insecurity in the Greater Philadelphia and Delaware area. The initiative runs until December 31, with banking offices serving as collection points for nonperishable food donations. According to Feeding America's report, food insecurity rose to 11.8% in 2020, significantly affecting marginalized communities. WSFS aims to exceed the 66,000 pounds donated in 2021 and will also sponsor the Camp Out for Hunger event from November 7-11, further supporting local efforts to combat hunger.

WSFS Bank announced the promotion of Shari Kruzinski to Executive Vice President and Chief Consumer Banking Officer, effective immediately, as Rick Wright prepares for retirement at the end of the year.

Kruzinski brings 30 years of experience and previous leadership as Chief Customer Officer. Notably, she oversaw the growth of WSFS's Retail network from 25 to 92 locations and deposits exceeding $10 billion. In addition, WSFS will establish a new division focused on Customer Experience, led by Ollie Sommer.

WSFS Bank's Money Trends study reveals that 91% of Americans are concerned about price increases within the next year, causing shifts in spending, saving, and life milestones. In the Greater Philadelphia and Delaware regions, 41% view the local economy as strong, compared to 33% nationally. Over 54% are increasing savings for financial stability due to economic worries. Major life plans, such as buying homes or starting families, are now deprioritized due to inflation. Interestingly, 36% are saving for the holiday season, with more focusing on local businesses.

WSFS Financial Corporation (Nasdaq: WSFS) will report its third quarter earnings on October 24, 2022. A conference call is scheduled for October 25, 2022, at 1:00 p.m. ET to discuss these results. Interested parties can preregister for the call and are encouraged to log in 15 minutes early. A replay will be available from October 25 at 4:00 p.m. ET until November 5, 2022. As of June 30, 2022, WSFS had $20.6 billion in assets and $60.3 billion in assets under management, operating 121 offices across Pennsylvania, Delaware, New Jersey, Virginia, and Nevada.

WSFS Bank's charitable arm, the WSFS CARES Foundation, has awarded grants totaling $305,000 to six local organizations as part of its ongoing community support efforts. The grants, approved in Q3 2022, aim to enhance initiatives in education, housing, and health in underserved areas. Notable recipients include Beat the Streets Philadelphia and Cinnaire, receiving $15,000 and $150,000, respectively. WSFS emphasizes its long-standing commitment to community investment, reinforcing its mission of service.

Moody’s Investors Service has assigned first-time ratings to WSFS Financial Corporation with an issuer rating of Baa2 and a Positive Outlook. The company received long- and short-term deposit ratings of A2/Prime-1, alongside a Baseline Credit Assessment of Baa1. WSFS, having grown through integrations like Beneficial Bank and Bryn Mawr Trust, anticipates that the Moody’s rating will enhance fee opportunities in its Wealth and Trust segment. As of June 30, 2022, WSFS had $20.6 billion in assets and $60.3 billion under management.