WSFS Financial Corporation’s A- Senior Unsecured Debt Rating Affirmed with Stable Outlook by KBRA, Reflecting Strong Earnings, Liquidity, Capital, and Diversified Fee Revenue
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 Financial (NASDAQ: WSFS) ha ricevuto un rating di debito senior non garantito A- confermato con un outlook stabile dall'Agenzia di Rating Kroll (KBRA). Questo segna il nono anno consecutivo in cui WSFS riceve un forte rating di debito Investment Grade. Il rating riflette i forti guadagni, l'ampia liquidità e il capitale, e il reddito da commissioni diversificato dell'azienda.
KBRA ha evidenziato la significativa e stabile base di reddito da commissioni di WSFS, in particolare dalle sue divisioni di gestione patrimoniale e trust di alto livello, come un fattore chiave distintivo. L'agenzia ha anche notato una considerevole crescita per Cash Connect, la divisione di logistica e pagamenti per contante di WSFS Bank. Il favorevole profilo di finanziamento core e la forte posizione di mercato di WSFS, con la maggiore quota di mercato dei depositi tra le banche con sede locale, supportano ulteriormente i rating.
WSFS Financial (NASDAQ: WSFS) ha recibido una calificación de deuda senior no garantizada A- confirmada con una perspectiva estable de la Agencia de Calificación Kroll (KBRA). Esto marca el noveno año consecutivo en que WSFS recibe una fuerte calificación de deuda de grado de inversión. La calificación refleja los fuertes ingresos, amplia liquidez y capital, y los ingresos diversificados por comisiones de la empresa.
KBRA destacó la base significativa y estable de ingresos por comisiones de WSFS, particularmente de sus divisiones de gestión de patrimonios y fideicomisos de primer nivel, como un factor diferenciador clave. La agencia también señaló un crecimiento considerable para Cash Connect, la división de logística y pagos en efectivo de WSFS Bank. El favorable perfil de financiación básica y la fuerte posición de mercado de WSFS, con la mayor participación en el mercado de depósitos entre los bancos con sede local, respaldan aún más las calificaciones.
WSFS Financial (NASDAQ: WSFS)는 Kroll Bond Rating Agency (KBRA)로부터 안정적인 전망과 함께 A- 등급의 비담보 고위험 채권 등급을 인증받았습니다. 이는 WSFS가 아홉 번째 연속으로 강력한 투자 등급의 채권 등급을 받은 것을 의미합니다. 이 등급은 회사의 강력한 수익, 풍부한 유동성 및 자본, 그리고 다양한 수수료 수익을 반영합니다.
KBRA는 WSFS의 상당하고 안정적인 수수료 수익 기반, 특히 주요 자산 관리 및 신탁 부문에서의 수수료 수익을 핵심 차별화 요소로 강조했습니다. 이 기관은 또한 WSFS Bank의 현금 물류 및 결제 부문인 Cash Connect의 상당한 성장을 언급했습니다. WSFS의 유리한 핵심 자금 조달 프로필과 강력한 시장 위치, 지역 본사가 있는 은행 중에서 가장 큰 예금 시장 점유율을 보유한 점이 이러한 등급을 더욱 뒷받침합니다.
WSFS Financial (NASDAQ: WSFS) a reçu une note de crédit de dette senior non garantie A- confirmée avec une perspective stable de l'Agence de notation Kroll (KBRA). Cela marque la neuvième année consécutive durant laquelle WSFS obtient une note de crédit de dette de qualité d'investissement solide. La note reflète les forts bénéfices, une liquidité et un capital suffisants, et des revenus diversifiés provenant des frais de l'entreprise.
KBRA a souligné la base de revenus par frais significative et stable de WSFS, notamment grâce à ses divisions de gestion de patrimoine et de fiducie de premier plan, comme un facteur clé de différenciation. L'agence a également noté une croissance considérable pour Cash Connect, la division de logistique et de paiements en espèces de WSFS Bank. Le profil de financement de base favorable et la forte position sur le marché de WSFS, avec la plus grande part de marché des dépôts parmi les banques locales, soutiennent encore davantage les notations.
WSFS Financial (NASDAQ: WSFS) hat von der Kroll Bond Rating Agency (KBRA) eine bestätigte A- Einstufung für unbesicherte Senior-Anleihen mit stabiler Perspektive erhalten. Dies markiert das neunte aufeinanderfolgende Jahr, in dem WSFS eine starke Investitionsgrad-Anleihebewertung erhalten hat. Die Bewertung spiegelt die starken Erträge, die umfangreiche Liquidität und das Kapital sowie die diversifizierten Gebühreneinnahmen des Unternehmens wider.
KBRA hob die erhebliche und stabile Gebühreneinnahmebasis von WSFS hervor, insbesondere aus seinen führenden Vermögensverwaltungs- und Treuhandabteilungen, als entscheidenden Differenzierungsfaktor. Die Agentur stellte auch deutliches Wachstum bei Cash Connect fest, der Bargeldlogistik- und Zahlungsabteilung von WSFS Bank. Das günstige Kernfinanzierungsprofil und die starke Marktposition von WSFS, die den größten Marktanteil bei Einlagen unter den lokal ansässigen Banken aufweist, unterstützen die Bewertungen zusätzlich.
- Affirmed A- senior unsecured debt rating with stable outlook
- Strong fee revenue from diversified business lines, especially wealth and trust divisions
- Considerable growth in Cash Connect division
- Favorable core funding profile and strong market position
- Largest deposit market share among locally headquartered banks
- Solid profitability due to favorable fee income trends and healthy NIM
- None.
Insights
KBRA's reaffirmation of WSFS Financial 's A- senior unsecured debt rating with a stable outlook is a positive indicator for investors. The rating reflects WSFS's strong financial fundamentals, including:
- Robust earnings driven by a diversified revenue stream
- Ample liquidity and capital
- Significant fee revenue from wealth management and trust services
- Growing cash logistics business (Cash Connect)
- Favorable core funding profile with a strong market position
The stable outlook suggests KBRA expects WSFS to maintain its financial strength in the near term. For investors, this rating affirms WSFS's creditworthiness and indicates a lower risk of default on its debt obligations. The company's diversified business model and strong market position in its core regions provide resilience, which is particularly valuable in uncertain economic times.
WSFS's market position is noteworthy, boasting the largest deposit market share among locally headquartered banks in its region. This suggests strong customer loyalty and potential for cost-effective funding. The company's expansion in cash logistics through Cash Connect is particularly interesting, as it's capturing market share while competitors exit. This could lead to increased fee income and market dominance in this niche.
The rating also highlights WSFS's presence in economically diverse markets with favorable demographics. This geographical diversification can act as a buffer against localized economic downturns. For investors, this translates to potentially more stable earnings across economic cycles, enhancing the company's appeal as a long-term investment.
“For the ninth consecutive year, WSFS has received a strong Investment Grade debt rating by KBRA. The rating reflects the quality of our diversified business model, which includes strong fee revenue as well as ample liquidity and capital. Our regional and national franchises continue to be well-positioned to serve our Customers and markets,” said WSFS’ Executive Vice President and Interim Chief Financial Officer, Arthur Bacci.
KBRA also noted the ratings are supported by WSFS’ significant and stable fee revenue base derived from diversified business lines, particularly its premier wealth and trust divisions, which KBRA views as a key differentiator and primary driver of the Company’s high ratings profile. Additionally, KBRA noted considerable growth for Cash Connect, a division of WSFS Bank providing cash logistics and payments, over the years as the Company has captured market share as competitors have exited the space, which is becoming a larger piece of noninterest income. The favorable fee income trends and maintenance of a healthy NIM due to WSFS’ lower-beta deposit base and well-balanced loan portfolio with regard to fixed/variable interest rate structures that results in solid loan yields, have produced strong profitability in recent years, as well as historically. Also key to the ratings is WSFS’ favorable core funding profile and strong market position, with the largest deposit market share among locally headquartered banks. KBRA also acknowledged WSFS’ markets reflect favorable demographics and are economically diverse, which provides some resilience in periods of stress; its historical asset quality metrics have been solid overall, supported by sound underwriting and credit administration; and its diversified loan portfolio.
About WSFS Financial Corporation
WSFS Financial Corporation is a multibillion-dollar financial services company. Its primary subsidiary, WSFS Bank, is the oldest and largest locally headquartered bank and trust company in the
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Investor Relations:
Andrew Basile
(302) 504-9857
abasile@wsfsbank.com
Media:
Kyle Babcock
(215) 864-1795
kbabcock@wsfsbank.com
Source: WSFS Financial Corporation
FAQ
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