Wsfs Finl Corp Stock Price, News & Analysis

WSFS Financial Corporation reported its second-quarter 2020 financial results, showing a net loss of $7.1 million and significant provision for credit losses of $94.8 million due to COVID-19 impacts. Net interest income decreased to $113.8 million, down from $123.2 million YoY, while total net revenue was $178.1 million. The Common Equity Tier 1 Ratio remained strong at 12.68%. The bank provided nearly $1 billion in PPP loans supporting about 100,000 jobs. Despite challenges, WSFS was recognized as a top bank by Forbes, reflecting customer satisfaction.

WSFS Financial Corporation (Nasdaq: WSFS) will announce its second quarter earnings on July 23, 2020, at the end of business day. A conference call will follow at 1:00 p.m. EDT on July 24, 2020, for management to discuss the results. Interested parties can join by calling 1-877-312-5857 using conference ID #3954236. A rebroadcast of the call will be available until August 4, 2020. As of March 31, 2020, WSFS Financial had $12.3 billion in assets and $21.1 billion in assets under management, operating 116 offices across multiple states.

WSFS Bank, a subsidiary of WSFS Financial Corporation, announced the promotion of 10 Associates to Senior Vice President (SVP) on June 29, 2020. These promotions recognize significant contributions to the company's success. The new SVPs include leaders in various capacities, such as Performance Management, Government Guaranteed Lending, and Retail Lending. Executive VP Peggy Eddens emphasized the importance of building senior leadership to support succession planning and strengthen community ties. As of March 31, 2020, WSFS Financial had $12.3 billion in assets and operates 116 offices.

WSFS Bank has announced a $200,000 donation to assist local small businesses affected by the pandemic. The funds will go through local community development financial institutions (CDFIs) and will aid businesses with annual revenues under $500,000 that have faced negative impacts from COVID-19. Additionally, WSFS managed over 5,000 Paycheck Protection Program loans totaling nearly $1 billion, supporting approximately 100,000 employees in the region. The WSFS Community Foundation has also previously provided $300,000 in grants to nonprofits battling COVID-19.

WSFS Bank, a subsidiary of WSFS Financial Corporation (Nasdaq: WSFS), announced the promotion of Jim Wechsler to Senior Vice President and Chief Retail Lending Officer, effective immediately. Wechsler will oversee various lending sectors, including consumer and small business lending, replacing retiring Glenn Kocher. With over a decade at WSFS, Wechsler has played a pivotal role in acquisitions and strategic initiatives. WSFS Financial Corporation boasts $12.3 billion in assets and operates 116 offices across several states, providing comprehensive financial services since 1832.

WSFS Mortgage's regional study reveals that 56% of Delaware and Greater Philadelphia residents are interested in buying a home this summer and fall despite fears associated with the process. Conducted with 1,007 respondents, the study highlights that while 83% feel confident about mortgage acquisition, anxiety persists, particularly among young Millennials and Gen Z, with 86% experiencing some level of stress. The impact of COVID-19 has shifted buyer confidence as 64% reported changes to their homebuying plans. Notably, personalized service is preferred over online platforms, with 85% wanting a personal guide through the mortgage process.

The WSFS Mortgage Regional Study reveals that 56% of Delaware and Greater Philadelphia residents are interested in buying a home this summer and fall despite anxiety regarding the process. Conducted with 1,007 participants, the study highlights that 83% feel knowledgeable about mortgages, yet 86% express anxiety, particularly about finding the right home and financing. COVID-19 has impacted 64% of respondents' plans, but 75% cite low interest rates as a driving factor for purchases. The preference for personalized services over online options is noted, especially among younger generations.

WSFS Bank has been recognized on Forbes’ World’s Best Banks list, ranking 21st in the U.S. This marks the first time WSFS has made this global list. The ranking is based on a survey of over 40,000 banking customers regarding their satisfaction with banks, including attributes like trust, fees, and digital services. WSFS Bank has a robust presence in the Greater Philadelphia and Delaware region, boasting $12.3 billion in assets and $21.1 billion in assets under management as of March 31, 2020. The Bank continues to emphasize its commitment to local customer service.