Wsfs Finl Corp Stock Price, News & Analysis

WSFS Bank has appointed Kathryn Bittner as Senior Vice President, Chief Operating Officer of Commercial Banking. Bittner, who joined WSFS in 2022 during the Bryn Mawr Trust integration, will report to James Wechsler, Executive Vice President and Chief Commercial Banking Officer. In her new role, she will oversee operations, finance, sales strategy, and the credit development program for Commercial Banking.

Bittner brings over 30 years of banking experience, including leadership positions at M&T, Citizens, and Mellon. She succeeds Wechsler, who was promoted to Chief Commercial Banking Officer effective January 1, 2025. The appointment demonstrates WSFS' commitment to developing internal talent for driving innovation and growth.

WSFS Financial reported strong Q4 2024 financial results with earnings per share of $1.09 and core EPS of $1.11. Key highlights include:

- Net interest margin of 3.80%, up from 3.78% in Q3 2024
- Customer deposits increased 4% from Q3 2024 and 4% year-over-year
- Record fee revenue in Wealth and Trust division with 12% YoY growth
- Total net credit costs decreased to $8.7 million from $20.1 million in Q3 2024
- Full-year 2024 performance showed core EPS of $4.39 and core ROA of 1.26%

The company repurchased 393,238 shares at an average price of $53.27 per share, totaling $20.9 million. For the full year 2024, WSFS repurchased 2,049,739 shares (3% of outstanding shares) at an average price of $46.55, returning $95.4 million to shareholders.

WSFS Bank's new survey of 597 small business decision-makers reveals a positive outlook for 2025, with 60% expecting revenue growth despite recent economic challenges. The survey, focused on businesses with annual revenues up to $5 million, shows owners planning key investments in equipment (26%), working capital (25%), and expansions (24%).

The past two years presented significant challenges, with businesses citing inflation (59%), cost of living crisis (45%), and recession fears (31%) as primary concerns. In response, 54% cut non-essential spending and 27% sought more affordable suppliers.

Regarding banking relationships, 53% use large national banks, while 29% prefer regional banks. Business owners primarily seek assistance with credit cards (53%), cash flow management (38%), and growth capital (36%). The survey indicates a preference for in-person meetings for complex services like business planning (66%) and lending (62%), while showing flexibility for routine services.

WSFS Financial (Nasdaq: WSFS) has announced its schedule for reporting fourth quarter and full-year 2024 financial results. The company will release its earnings report after market close on Monday, January 27, 2025. Management will host a conference call to discuss the results on Tuesday, January 28, 2025, at 1:00 p.m. Eastern Time.

Investors and interested parties can access the conference call through advance registration or live streaming at investors.wsfsbank.com. The earnings release and supplemental materials will be available on the company's Investor Relations website section before the call. Participants are recommended to log in 15 minutes before the broadcast. A replay of the conference call will be made available shortly after the event.

WSFS CARES Foundation, the charitable arm of WSFS Bank (Nasdaq: WSFS), has announced fourth quarter grants totaling $165,000 to four organizations. The largest grants include a $285,000 three-year commitment to the Community Education Building for their Youth Development Center, and a $150,000 three-year grant to Reach Riverside Development for their CORE Program supporting low-income children in Wilmington.

Additional grants include $10,000 each to Covenant House for workforce development and CASA Youth Advocates for child welfare system support. WSFS Bank also provided separate smaller grants to various organizations including Literacy Delaware, Chester County Food Bank, Family Support Line, and Mother's Home.

WSFS Financial (Nasdaq: WSFS) has appointed Owen Mathews as Senior Vice President, Corporate Development Officer. Mathews, who has spent nearly 18 years with WSFS, will report to Executive Vice President and Chief Operating Officer Arthur Bacci. In his new role, Mathews will be responsible for driving growth through mergers and acquisitions, strategic partnerships, and joint ventures. Previously serving as Senior Vice President and Investment Portfolio Manager, Mathews' appointment represents WSFS' commitment to internal talent development and strategic growth initiatives.

WSFS Financial (Nasdaq: WSFS) announced key leadership promotions in its Commercial Banking and Risk teams, effective January 1, 2025. Jim Gise will become EVP, Director of Corporate & Specialty Banking and Deputy Chief Commercial Banking Officer. Liam Brickley will be promoted to EVP, Chief Credit Officer. Scott Baylis and Salvatore Patti will co-lead the Commercial and Industrial Banking group as SVPs, Directors of Commercial Banking.

The reorganization includes the renaming of Business Banking to Commercial Banking, focusing on businesses with $5-50 million in revenue and credit exposure over $3 million. These changes align with WSFS's strategy as the largest locally headquartered bank in the Greater Philadelphia and Delaware region.

WSFS Financial (Nasdaq: WSFS), through its subsidiary Bryn Mawr Trust, has announced three key appointments to its wealth advisory team. Tony Lunger joins as Senior Vice President and Wealth Director, Mark Gerstenschlager as Senior Vice President and Senior Investment Advisor, and Pamela Opalach as Vice President and Senior Financial Associate.

All three professionals join from Wilmington Trust Company, bringing significant experience: Lunger with over 24 years in wealth management, Gerstenschlager with more than 23 years, and Opalach with over 20 years in client-focused tax, trust, and wealth management. They will be based in the Wilmington, Delaware office, focusing on serving high-net-worth individuals and providing comprehensive financial planning services.

Bryn Mawr Trust's recent survey reveals that Americans value their digital assets at an average of $191,516, yet 76% report having little to no knowledge of digital estate planning. The study, which surveyed 1,500 U.S. adults including high-net-worth individuals, found that only 44% of respondents with financial advisors discussed digital asset planning.

Despite having up to 250 digital accounts and 30,000 digital files per person, there's widespread uncertainty about digital asset management. While 79% believe protecting digital assets is important, only 32% have an estate plan, and merely 53% of those with wills specify wishes for digital assets. The survey also revealed that 39% of Americans have never heard of digital estate planning, highlighting a significant knowledge gap in this important area.