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WSFS Financial Corporation reports recurring developments as the parent company of WSFS Bank, a regional financial services company with banking, cash logistics, and wealth and trust operations. Company news commonly covers quarterly earnings, loan and deposit trends, commercial and consumer banking activity, fee income from Wealth and Trust, and performance updates tied to Cash Connect and other subsidiaries or divisions.
Updates also include capital actions such as dividends, share repurchases and debt financing, as well as investor presentations, governance changes, technology leadership, and market-presence announcements in the Greater Philadelphia and Delaware region.
WSFS Financial Corporation (Nasdaq: WSFS) reported its financial results for Q1 2022, reflecting the impact of its merger with Bryn Mawr Bank Corporation, effective January 1, 2022. Highlights include:
- Net interest income increased to $138.6 million.
- Net income attributable to WSFS dropped to $3.8 million.
- Provision for credit losses was $19.0 million.
- Core EPS was $0.66, down from $1.39 YoY.
- Total net revenue reached $199.1 million.
The company recorded a quarterly dividend of $0.13 per share and continues to emphasize cost synergies from the merger.
WSFS Bank has launched the WSFS Down Payment Grant Program, offering grants up to $10,000 totaling $3 million over three years for low- and moderate-income borrowers in eligible areas. The program aims to assist individuals in covering down payment and closing costs for primary residence purchases. Eligibility requires total household income at or below 80% of the Area Median Income, with properties located in designated Majority-Minority Census Tracts. Grants can be combined with other assistance programs and require no repayment.
WSFS Financial Corporation (Nasdaq: WSFS) plans to announce its first quarter earnings on April 21, 2022, with a conference call scheduled for 1:00 p.m. EDT on April 22, 2022. The call will be accessible via the company website, with preregistration recommended. A replay of the call will be available from 4:00 p.m. EDT on the same day until May 3, 2022. As of December 31, 2021, WSFS reported $15.8 billion in assets and $34.6 billion in assets under management. It operates 112 offices primarily in Pennsylvania and Delaware, providing various financial services.
WSFS Bank conducted a survey revealing that 72% of Americans feel confident about achieving their financial goals, despite challenges posed by inflation and poor credit. The study, which included 1,500 national respondents, indicates that 49% prioritize building emergency funds. Notably, 39% worry about inflation, and 24% cite poor credit as a barrier to financial products. The survey highlights varying financial goals across demographics, with significant confidence levels among Black and Hispanic respondents. The findings underscore the importance of financial education and access to tailored products amidst economic challenges.
WSFS Bank has appointed Shilpa Kumar as Senior Vice President and Head of Corporate Finance, effective immediately. Reporting to Dominic C. Canuso, she will oversee consolidated business planning, investor relations, and financial aspects of corporate development. Kumar boasts nearly 20 years of experience in banking and financial services, including leadership roles at Citadel Credit Union and JPMorgan Chase. WSFS Financial Corporation, managing $15.8 billion in assets as of December 2021, continues to support its growth with strong leadership.
WSFS Financial Corporation announced the successful merger of Christiana Trust Company of Delaware and The Bryn Mawr Trust Company of Delaware, effective April 1, 2022. The combined entity will operate under The Bryn Mawr Trust Company of Delaware name, highlighting its legacy in wealth management. Robert W. Eaddy will continue as President. This merger aims to enhance service offerings for high-net-worth clients, providing innovative solutions in a business-friendly state. WSFS Financial Corporation has significant assets, with $15.8 billion on its balance sheet and $34.6 billion in assets under management.
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WSFS Bank, the primary subsidiary of WSFS Financial Corporation (Nasdaq: WSFS), has appointed Liam Brickley as Senior Vice President and Chief Credit Officer. Reporting to Chief Risk Officer Christine E. Davis, Brickley will oversee the Bank's credit exposures and loan policies. With nearly 40 years of banking expertise, he previously served as Chief Credit Officer at Bryn Mawr Trust. Brickley aims to foster continued growth and financial strength for WSFS amidst the recent merger with Bryn Mawr Trust. As of December 31, 2021, WSFS Financial Corporation had $15.8 billion in assets.
WSFS Financial Corporation announces the retirement of Mark A. Turner from its Board after 15 years of service, effective May 11, 2022. Turner has been with the company since 1996 and served as Chairman, President, and CEO. This transition marks the conclusion of a long-term succession plan for the leadership of WSFS. The Annual Meeting of Stockholders will take place virtually, with stockholders eligible to participate if they register in advance.
As of December 31, 2021, WSFS Financial Corporation reported $15.8 billion in assets and $34.6 billion in assets under management.
WSFS Financial Corporation (NASDAQ: WSFS) has successfully completed the brand conversion and systems integration of Bryn Mawr Trust into WSFS Bank, enhancing banking services for former Bryn Mawr clients. All bank accounts have transitioned to WSFS, providing access to 94 retail locations and over 600 ATMs. As part of a consolidation plan, 34 offices have closed to streamline operations. WSFS maintains approximately $20 billion in assets and aims to leverage local expertise in wealth management with around $58 billion in assets under management.